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  1. Topics & Tools
  2. Workplace News & Trends
  3. Compensation & Benefits
  4. 2023 Benefit Plan Limits & Thresholds Chart
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News

2023 Benefit Plan Limits & Thresholds Chart

October 28, 2022 | Stephen Miller, CEBS

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Download a printable PDF highlights version of this chart.

401(k) Plan Limits

Defined Contribution Plans 2023 2022 Change

Maximum employee elective deferral (age 49 or younger) 1

$22,500

$20,500

+$2,000

Employee catch-up contribution (age 50 or older by year-end) 2

$7,500

$6,500

+$1,000

Maximum employee elective deferral plus catch-up contribution (age 50 or older)

$30,000

$27,000

+$3,000

Defined contribution maximum limit, employee + employer (age 49 or younger) 3

$66,000

$61,000

+$5,000

Defined contribution maximum limit (age 50 or older), all sources + catch-up

$73,500

$67,500

+$6,000

Employee compensation limit for calculating contributions

$330,000

$305,000

+$25,000

Key employees' compensation threshold for top-heavy plan testing 4

$215,000

$200,000

+$15,000

Highly compensated employees’ threshold for nondiscrimination testing 

$150,000

$135,000

+$15,000

1 The $22,500 elective deferral limit is also known as the 402(g) limit, after the relevant tax code section. Participants' annual contributions may not exceed 100% of their compensation.

2 The $7,500 catch-up contribution limit for participants age 50 or older applies from the start of the year for those turning 50 at any time during the year.

3 Total contributions from all sources may not exceed 100% of a participant's compensation.

4 Includes officers of the company sponsoring the plan.

​Source: IRS Notice 2022-55.

View For 2023, 401(k) Contribution Limit Rises to $22,500 with $7,500 'Catch-Up'.


HSA and HDHP Limits

Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs)  2023 2022 Change

HSA contribution limit
(employer + employee)

Self-only: $3,850

Family: $7,750

Self-only: $3,650

Family: $7,300

Self-only: +$200

Family: +$450

HSA catch-up contributions
(age 55 or older)

$1,000

$1,000

no change
(not indexed)

HDHP minimum deductibles

Self-only: $1,500

Family: $3,000

Self-only: 1,400

Family: $2,800

Self-only: +100

Family: +200

HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)

Self-only: $7,500

Family: $15,000

Self-only: $7,050

Family: $14,100

Self-only: +450

Family: +$900

Source: IRS Revenue Procedure 2022-24.

View IRS Announces Spike in 2023 Limits for HSAs and High-Deductible Health Plans.


Health FSA Limits

Health Care Flexible Spending Accounts (Health FSAs) and Limited-Scope (Vision/Dental) FSAs

2023

2022

Change

Maximum salary deferral

$3,050

$2,850

+$200

Maximum rollover amount

$610

$570

+$40

SSource: IRS Revenue Procedure 2022-38.

View 2023 Health FSA Contribution Cap Rises to $3,050.


Dependent Care FSA Limits

Dependent Care FSAs (DC-FSAs) also called Dependent Care Assistance Plans (DCAPs)

2023

2022

Change

Maximum salary deferral
(single taxpayers and married couples filing jointly)

$5,000

$5,000


no change (not indexed)

Maximum salary deferral
(married couples filing separately)

$2,500

$2,500

no change (not indexed)

Source: IRS Revenue Procedure 2022-38.

View 2023 Health FSA Contribution Cap Rises to $3,050.


QSEHRA Limits

Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) 20232022Change

Maximum payments and reimbursements through the QSEHRA

Self-only: $5,850

Family: $11,800

Self-only: $5,450

Family: $11,050

Self-only: +$400

Family: +$750

Source: IRS Revenue Procedure 2022-38.

View Higher ACA Subsidies Expand Options for Small Employers and Retiree Plan Sponsors.


Commuter Transit and Parking Limits

Qualified Transportation Benefit
 (monthly limits)

2023

2022

Change

Transit passes and van pool services (employer + employee)

$300

$280

+$20

Qualified parking

$300

$280

+$20

Source: IRS Revenue Procedure 2022-38.

View Rethinking Commuter Benefits for a Hybrid-Work World.


Adoption Assistance

Adoption Benefits
(Annual limits)
20232022Change

Excludable Amount

$15,950


$14,890


+$1,060


Phase-out income thresholds:




Phase-out begins

$239,230

$223,410

+$15,820

Phase-out complete

$279,230

$263,410

+$15,820

Source: IRS Revenue Procedure 202-38.

View Managing Adoption Assistance Benefits.



Earnings Subject to Social Security Payroll Tax

Social Security (FICA) Payroll Tax

2023

2022

Change

Maximum earnings subject to Social Security 12.4% FICA payroll tax (6.2% paid by employer and 6.2% paid by employee)

$160,200

$147,000

+$13,200

Source: Social Security Administration.

View 2023 Social Security Wage Cap Jumps to $160,200 for Payroll Taxes. For more on tax withholding, view 2023 Tax Bracket Changes Could Increase Workers' Take-Home Pay.


Visit SHRM's resource page on
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Need help with legal questions? Check out the SHRM LegalNetwork.


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