On October 21, the IRS announced the retirement plan limits for 2023. While there are few significant differences between last year’s limits and those for 2022, there are a few changes to take note of. To help you stay informed about regulatory developments we have created a flyer that summarizes both the 2022 and 2023 limits.
- The 401(k) and 403(b) maximum annual elective deferral limit has increased to $22,500.
- The catch-up contribution limit for individuals aged 50 and older has increased to $7,500. The annual defined contribution limit has increased to $330,000.
- The annual defined benefit plan limit has increased to $265,000.
At MRP Plans, our goal is to provide you with all the information you need to help your clients stay on top of their fiduciary responsibilities. For more information about retirement plan limits, please visit www.irs.gov/Retirement-Plans
MRP Plans, was founded in 1992 in Yardley, PA by Edward Snyder. Ed began his retirement planning and investment career in 1984 at another local pension administration firm in Pennsylvania.
Since its inception, MRP Plans has grown to service hundreds of plans and thousands of participants, mainly in the tri-state area. MRP Plans provides administrative services to retirement plans and specializes in smaller plans. Our goal is to make qualified retirement plans beneficial for small businesses by providing cost-effective document, consulting, and administrative services.
Geoff Parker has now been the owner and operator of MRP Plans for over 2 years and has over 25+ years of industry experience; Our administrators have a long history of experience as well: Dave Lewis and Linda Orcutt have over 20+ years of experience. Pat Oiler started with MRP Plans in 2006 and has 15+ years of experience.
We are currently located in Hamilton Square, NJ, which has been our headquarters since 2003.