Below is a list of selected IRS limits relating to employee benefits and compensation for 2023. These limits are adjusted periodically to reflect changes in the cost of living.
Retirement | Amount for 2023 |
Annual compensation limit, § 401(a)(17) | $330,000 |
Elective deferrals for 401(k), 403(b) and 457 plans, § 402(g) & § 457(e) | $22,500 |
Catch-up contributions, § 414(v) | $7,500 |
Highly compensated employee threshold, § 414(q) | $150,000 |
Benefits limit for defined benefit plans, § 415(b) | $265,000 |
Allocation limit for defined contribution plans, § 415(c) | $66,000 |
Key employee threshold, § 416(i) | $215,000 |
Health | Amount for 2023 |
Health flexible spending account limit, § 125(i) | $3,050 |
HSA contribution limit − self-only coverage, § 223(b) | $3,850 |
HSA contribution limit − family coverage, § 223(b) | $7,750 |
High deductible health plan − self-only, § 223(c) | $1,500 minimum deductible $7,500 maximum out-of-pocket |
High deductible health plan − family, § 223(c) | $3,000 minimum deductible $15,000 maximum out-of-pocket |
Out-of-pocket limits for essential health benefits, §9815(a)(1)/PHSA § 2707(b) | $9,100 self-only coverage $18,200 family coverage |
Other | Amount for 2023 |
Social Security wage base | $160,200 |
Exclusion for employer-provided mass transit and vanpool benefits, § 132(f) | $300 |
Exclusion for employer-provided parking, § 132(f) | $300 |
Links to Other Limits:
2022 Federal Poverty Guidelines
PBGC Maximum Guaranteed Benefit Tables