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Retirement Plan Limits


Dollar Limitations on Benefits and Contributions

2022
2023
Defined Benefit Plan1

$245,000

$265,000

Annual Compensation2

$305,000

$330,000

Defined Contribution Limit

$61,000

$66,000

Elective Deferral

$20,500

$22,500

Catch-Up Deferral

$6,500

$7,500

Taxable Wage Base

$147,000

$160,200


1
Represents the maximum annual amount payable (i.e., as an annuity) to a 65-year old retiree commencing payments during 2022 & 2023 - not a useful number for assessing Defined Benefit plan contribution limits

2 Represents the maximum W-2 (or net earned income, if unincorporated) allowed to be considered for the purpose of determining a retirement plan benefit or contribution

Dollar Limitations on Benefits and Contributions - unabridged IRS version