| Contribution & Benefit Limits | 2023 | 2022 | Change |
|---|---|---|---|
| 401(k), 403)b) and 457 Maximum Annual Elective Deferral Limit | $22,500 | $20,500 | +$2,000 |
| 401(k), 403)b) and 457 Plans Catch-up Contribution Limit for Individuals Aged 50 or Over | $7,500 | $6,500 | +$1,000 |
| Annual Allowable Compensation Limit for Deduction, Benefits and Contribution Purpose | $305,000 | $330,000 | +$2500 |
| Annual Defined Contribution Limit | $66,000 | $61,000 | +$5,000 |
| Annual Defined Contribution Limit if age 50 or older by year end - All Sources, plus catch-up | $73,000 | $67,500 | +$1,500 |
| Highly Compensated Employees' threshold for nondiscrimination testing | $150,000 | $135,000 | None |
401(k) EDUCATIONAL VIDEOS
Our long standing mission is to increase the retirement readiness of employers, and employees of small businesses through the design and detailed compliance administration of high quality retirement plans. From our very beginnings, we have been dedicated to providing the highest quality of service and plan administration possible. We take pride in our continued focus on innovation in all areas of retirement plan administration. Our Next Level service platform is focused on providing innovative service and educational products not found at other typical TPA firms.
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