2023 Contribution Limits

Maximum employee contribution to employer retirement plans (TSP, 401k, 403b): $22,500

Additional catch-up contribution to employer retirement plans for those aged 50 years: $7,500

Maximum contribution to 457 plans: $22,500

Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $66,000

Annual benefit limit for defined benefit plans (pensions): $265,000

Limitation used for definition of highly compensated employee: $150,000

Health Savings Account: single: $3,850 and family: $7,750

Additional catch-up contribution for Health Savings Account for those who aged 55 years: $1,000

Traditional and Roth IRA*: $6,500

Maximum contribution subject to Social Security tax: $160,200

Annual Gift Tax Exclusion: $17,000

Flexible Spending Account for Dependent Care: $5,000

*Subject to income restrictions. Inquire with RVPF for more information.