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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
The Paragon Alliance Group
300 Harleysville Pike
Souderton, PA 18964
Phone: (215) 703-0844
Fax: (215) 723-1265
