Contribution Limits

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403(b) and 401(k) Retirement Plans

 

Limit Type 2023 2022
Basic Limit (Section 415 Limit 1,2) $66,000 $61,000
General Limit on Salary Reduction Contributions (Section 402 (g) Limit1,2,3) $22,500 $20,500
Additional Salary Reduction Contributions 1,3 (Age 50 or over) $7,500 $6,500

457(b) Plans

 

Limit Type 2023 2022
457(b) Plan Limit 1,2 $22,500 $20,500

Traditional and Roth IRAs

Limit Type 2023 2022
Traditional and Roth IRA Contribution Limits1 $6,500 $6,000
Additional IRA Catch-up Contributions (Age 50 or over) $1,000 $1,000

 

1 The IRS may adjust future limits annually for inflation. Adjustments, if any, will be in $500 increments.

2 The maximum contribution is the lesser of 100% of compensation or this adjusted limit.

3 Includes employee salary reduction contributions and Roth elective deferral contributions.

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