2FA for P&A Participants
COBRA, Commuter Benefits, Parking, Participant, Reimbursement Accounts, Savings Accounts, Transit
On October 21, 2022, the IRS announced inflation adjusted amounts for 2023 retirement plans. Among the bigger changes – contribution limits to 401(k), 403(b) and 457 Plans are experiencing a big jump for 2023. Below is an outline of the 2023 contribution limits for retirement plans effective January 1, 2023.
401(k), 403(b), 457 Plans |
2022 |
2023 |
Elective Deferral Limit | $20,500 | $22,500 |
Catch-up Contribution Limit (age 50 and over) | $6,500 | $7,500 |
Defined Contribution Plan Annual Contribution Limit | $61,000 | $66,000 |
IRAs |
2022 |
2023 |
IRA Contribution Limit | $6,000 | $6,500 |
IRA Catch-up Contribution Limit (age 50 and over) | $1,000 | $1,000 |
The limitation used in the definition of highly compensated employees for 2023 will increase from $135,000 to $150,000. Additionally, certain plans will see the following updates:
Log into your P&A Retirement Account to check your balance, review your investments and more.