The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2023 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs).
|Regular Contribution Limit||$23,000||$22,500|
|Catch-up Contribution Limit||$7,500||$7,500|
|Employee + Company Limit||$69,000||$66,000|
Click the following link to read our Legal Update article on this topic: IRS Announces 2024 Retirement Plan Limits