401(k) Contribution Limit Raised to $22,500 for 2023

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.

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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.