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"2023 Cost of Living Adjustments for Retirement Plans"

This article comes from JacksonLewis

The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2023 (see IRS Notice 2022-55). Most notably, the limitation on annual salary deferrals into a 401(k) or 403(b) plan will increase from $20,500 to $22,500 and the dollar threshold for highly compensated employees will increase to $150,000.



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