IRS Announces 2023 Cost-of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans
This blog has been updated since November 16, 2021. The data below is current.
The IRS has announced the 2023 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations.
Retirement Plans
In 2022, several retirement plan related limits increased. For 2023, the IRS has recently announced the new limits, and again, there is an increase for many of the limits. The rows below represent the changed limitations between the 2022 limits and the 2023 limits. Below is a review of some important limits:
A complete explanation of all changes can be found in Notice 2022-55.
Health and Welfare Benefit Plans
The changes in limitations that apply to health and welfare plans are steeper for 2023 than they were in 2022. The following chart outlines the changes to these limits, but a full explanation can be found in Notice 2022-24.
The dependent care assistance limit is currently $5,000 and has remained unchanged for a number of years.
If you have question related to these limits or how they affect the administration of your plan, please contact one of the authors of this article.
- Amanda Dernovshek…517.371.8259…adernovshek@fosterswift.com
- Julie Hamlet…616.796.2515…jhamlet@fosterswift.com
- Mindi Johnson…616.726.2252…mjohnson@fosterswift.com
Categories: Employee Benefits, Retirement
With a business-minded approach, and service-oriented delivery, Mindi helps clients navigate challenges and solve problems in the areas of employee benefits law and health care law. Mindi has spoken and written extensively on employee benefits, health care reform, and health care law topics, and is actively involved in a number of legal, professional and industry organizations focused on these issues.
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