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ARTICLE · 25 OCTOBER 2022

2023 Employee Benefit Plan And Transportation Limits

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The below presents the Internal Revenue Service (IRS) recently announced 2023 cost-of-living adjustments for retirement, health and welfare plans, and transportation programs.

United StatesEmployment and HR
Larry Ruff
Larry Ruff
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The below presents the Internal Revenue Service (IRS) recently announced 2023 cost-of-living adjustments for retirement, health and welfare plans, and transportation programs. Retirement plan limitations increased significantly for 2023 due to inflation. Percentage-wise, retirement plan increases ranged from 7.5% to 16.7%. Most limitations increased by about 8.2%. Other percentages varied due to rounding. Health and welfare limitation increases were not as high because they were determined earlier in 2023 before inflation peaked, with an average increase of roughly 6.5%.

RETIREMENT PLAN LIMITS

The 2023 annual retirement plan limitations as compared to 2022 are as follows:

 

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