Dollar Limitations for Employee Benefit Plans

Employee Benefits & Executive Compensation

The IRS annually adjusts the dollar limits for contributions and benefits in retirement and certain deferred compensation plans and for health and welfare plans. As a reminder for the new year, the adjusted dollar limits for 2023 are found below. (printer-friendly version)

Retirement Plan Limits
 2022 Limit2023 Limit
Maximum 401(k), 403(b), 457(b) Elective Deferral, and 402(g) limit $20,500$22,500
Catch-Up Contribution Age 50 and Older (414(v)(2)(B)(i)) $6,500$7,500
Highly Compensated Employee Threshold (414(q)(1)(B)) $135,000$150,000
Annual Compensation Limit (401(a)(17)/404(l)) $305,000$330,000
Defined Contribution Plan Annual Contribution Limit (415(c)(1)(A)) $61,000$66,000
Defined Benefit Plan Annual Benefit Limit (415(b)(1)(A)) $245,000$265,000
Top Heavy Key Employee Threshold (416(i)(1)(A)(i)) $200,000$215,000
Social Security Taxable Wage Base $147,000$160,200
Welfare Plan Limits
HSA Maximum Contributions (single/family) (223(b)(2)) $3,650/$7,300$3,850/$7,750
HSA Max Catch-Up Contribution Age 55 & Older $1,000$1,000
Health FSA Maximum $2,850$3,050
Dependent Care Flexible Spending Account Maximum $5,000$5,000
HDHP Minimum Deductibles (single/family) $1,400/$2,800$1,500/$3,000
HDHP Maximum Out-of-Pocket Amounts (single/family) $7,050/$14,100$7,500/$15,000
Maximum Monthly Qualified Transportation/Parking Fringe Benefit $280$300

If you have any questions, please feel free to call (919.781.4000) or e-mail your Wyrick Robbins contact or one of the following members of our Employee Benefits and Executive Compensation group: Jim Hoch ( or San Parikh (