IRS announces 2023 contribution limits

The Internal Revenue Service (IRS) announced the 403(b) tax deferred annuity and the 457 deferred compensation contribution limits for the 2023 calendar year.

• Employees under the age of 50 may contribute up to $22,500
• Employees age 50 and higher may contribute up to $30,000

Please visit 403(b) Plan and 457 Island Savings Plan from the OHR website for more information.

In addition the federal tax limit on pension compensation for highly compensated employees has increased from $305,000 in 2022 to $330,000 in 2023.