Benefit Connections    401(K) Savings
IRS 401(k) Annual Benefit Limits
The IRS limits the amount that can be contributed to a 401(k) savings plan in any given year.

2023 Savings Contribution Limits

Below is the 2023 401(k) Employee Benefit Plan Limits as defined by the IRS.

  If you are under age 50 If you are age 50 or older*
Your Pre-Tax Contribution Limit Maximum of $22,500 Additional $7,500 in catch-up contributions
Total Contributions Limit (combined total of your Pre-tax, After-tax and Company Contributions) $66,000 $73,500 ($66,000 + $7,500 in catch-up contributions)

*You must be at least 50 years old by the end of 2023 to be eligible to make catch-up contributions.

Note: In 2023, the total annual amount of eligible compensation on which your savings plan contributions may be based is $330,000.