Annual Limits on Qualified Plans for 2023
On October 21, 2022, the Internal Revenue Service released Notice 2022-55, which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. Earlier this year, the health savings account and high deductible health plan annual deductible and out-of-pocket expense adjustments were announced in the Revenue Procedure 2022-24, and the health care flexible spending account adjustments were announced in Revenue Procedure 2022-38. In addition, the Social Security Administration announced its cost-of-living adjustments for 2023 in October 2022, which includes a change to the taxable wage base.
The following chart summarizes the 2023 limits for benefit plans. The 2022 limits are provided for reference.