This blog has been updated since November 16, 2021. The data has been updated to reflect number from 2022 to 2023.
The IRS has announced the 2023 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations.
In 2022, several retirement plan related limits increased. For 2023, the IRS has recently announced the new limits, and again, there is an increase for many of the limits. The rows below represent the changed limitations between the 2022 limits and the 2023 limits. Below is a review of some important limits:
A complete explanation of all changes can be found in Notice 2022-55.
Health and Welfare Benefit Plans
The changes in limitations that apply to health and welfare plans are steeper for 2023 than they were in 2022. The following chart outlines the changes to these limits, but a full explanation can be found in Notice 2022-24.
The dependent care assistance limit is currently $5,000 and has remained unchanged for a number of years.