On October 21, 2022, the Internal Revenue Service announced $22,500 as the Employee 401(k) contribution cap for 2023 – a $2,000 hike from the 2022 cap. And for plan participants aged 50 or over, an additional “catch up” of $7,500 may also be contributed – up an additional $1,000 from 2022.
HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.
If you have questions about HRWS, call or email us directly or ask your insurance broker about us.
The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice. Employers are advised to discuss and/or receive counsel from their licensed legal or accounting professional, prior to implementing any new policy or policy change.