IRS Notice: Qualified Plan Dollar Limitations for 2023 (IRC §415)

Cost-of-living adjustments affecting dollar limitations for pension plans for 2023, the IRS announced Oct. 21. Changes include: (1) effective January 1, 2023, the limitation on the annual benefit under a defined benefit plan under §415(b)(1)(A) is increased from $245,000 to $265,000; and (2) the limitation for defined contribution plans under §415(c)(1)(A) is increased in 2023 from $61,000 to $66,000. [Notice 2022-55, 2022-45 I.R.B. __ (Oct. 21, 2022)]

Reference:
View Notice.