The 2023 cost of living adjustments for retirement plans and health and welfare plans have been announced:
Retirement Plans
Elective Deferral Max $22,500 ($2,000 increase)
Catch-up Contribution Limit $7,500 ($1,000 increase)
Compensation Limit $330,000 ($25,000 increase)
HCE Definition Comp Limit $150,000 ($15,000 increase)
415 DC Limit $66,000 ($5,000 increase)
DB Annual Benefit Limit $265,000 ($20,000 increase)
Social Security Wage Base $160,200 ($13,200 increase)
IRA Contribution Limit $7,500 ($1,000 increase)
Key Employee Definition
(Top Heavy Plan) $215,000 ($15,000 increase)
Health & Welfare Plans
Health FSA Max $3,050 ($200 increase)
Health FSA Max Carryover $610 ($40 increase)
HSA Max Annual Contribution (Self) $3,850 ($200 increase)
HSA Max Annual Contribution (Family) $7,750 ($450 increase)
HDHP Min. (Self) $1,500 (self) ($100 increase)
HDHP Min. (Family) $3,000 (family) ($200 increase)
HDHP Out-of-Pocket Expense (Self) $7,500 ($450 increase)
HDHP Out-of-Pocket Expense (Family) $15,000 ($900 increase)
ACA Out-of-Pocket Limit (Self) $9,100 ($400 increase)
ACA Out-of-Pocket Limit (Family) $18,200 ($800 increase)
ACA ESR A Penalty $2,880 ($130 increase)
ACA ESR B Penalty $4,320 ($200 increase)
ACA Affordability % 9.12% (decrease from 9.61%)
Adoption Assistance Max $15,950 ($1,160 increase)