The IRS has released the 2023 cost-of-living adjustments applicable to the dollar limitations on benefits and contributions of retirement plans and health and welfare benefit plans. As a result of the increase in inflation, some of the 2023 limits reflect significant increases from the 2022 amounts. We recommend plan sponsors update their systems and formulas to include the limits that have been adjusted. These limits are effective January 1, 2023.
For a printable version of this chart, click here.