Annual Benefit & Limits

Type of Limitation

     2023

    2022

    2021

    2020

401(k) Elective Deferrals $22,500 $20,500 $19,500 $19,500
Catch up amount $7,500 $6,500 $6,500 $6,500
²Defined Benefit Plans $265,000 $245,000 $230,000 $230,000
²Defined Contribution Plans $66,000  $61,000 $58,000 $57,000
Annual Compensation Limit $330,000 $305,000 $290,000 $285,000
457(b)(2) and 
457(c )(1) Limits
$22,500 $20,500 $19,500 $19,500
Highly Compensated* 
($80,000 index)
$150,000 $135,000  $130,000 $130,000
SIMPLE Plans $15,500  $14,000 $13,500 $13,500
SIMPLE Plan 
catch up amount
$3,500 $3,000 $3,000 $3,000
SEP Coverage $650 $650 $650 $600
SEP Compensation $330,000 $305,000 $290,000 $285,000
Key employee officer threshold $215,000 $200,000 $185,000 $185,000
Income Subject to 
Social Security Tax
$160,200 $147,000 $142,800 $137,700
Tax Credit ESOP 
Threshold Balance
$1,330,000   $1,230,000   $1,165,000   $1,150,000  
Amount for Lengthening 
of 5-Year ESOP Period   
$265,000 $245,000  $230,000 $230,000

 

*Effective for limitation years ending in calendar year