2023 MAC Limits
2023 Limitations Adjusted as Provided in Section 415(d), etc
The IRS has recently announced the 2023 Maximum Allowable Contribution (MAC) limits for 403(b) and 457(b) plans. The elective deferral limit for 403(b)/457(b) plans will increase by $2,000 to $22,500. Employees age 50 and over will be entitled to contribute an additional $7,500 to their 403(b) or 457(b) plan(s) thereby increasing the elective deferral limit to $30,000.
If you expect to make or receive a non-elective/employer contribution in 2023, please note that the 415(c) limit has increased from $61,000 to $66,000, permitting employers to contribute up to $66,000 to an employee's 403(b) plan.
If you have any questions concerning contribution limits, or any other 403(b)/457(b) matter, please contact OMNI at 877-544-6664.