| IRS Limit | 2023 | 2022 | 2021 | | Defined Contribution Limitation | $66,000 | $61,000 | $58,000 | | Annual Deferral for 401(k) Plans | $22,500 | $20,500 | $19,500 | | 401(k) Catch-Up Contribution (over the age of 50) | $7,500 | $6,500 | $6,500 | | Annual Limit on Compensation | $330,000 | $305,000 | $290,000 | | Threshold for Highly Compensated Employees | $150,000 | $135,000 | $130,000 | | Key Employee Threshold for Officers | $215,000 | $200,000 | $185,000 | | Social Security Taxable Wage Base | $160,000 | $147,800 | $142,800 |
| | SIMPLE Plans | | Annual Deferrals | $15,500 | $14,00 | $13,500 | | Catch up Contributions (over the age of 50) | $3,500 | $3,000 | $3,000 |
| | IRA's | | Annual Contribution | $6,500 | $6,000 | $6,000 | | Catch up Contributions (over the age of 50) | $1,000 | $1,000 | $1,000 |
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