Download the recently released IRS retirement plan limits for 2023.
“Key employees” and “highly compensated employees” are terms used for testing purposes in the annual nondiscrimination testing of a retirement plan. The $7,500 catch-up contribution limit for participants aged 50 or older applies from the start of the year to those turning 50 at any time during the year. Source: IRS Notice IR-2022-55.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC (GRP), a registered investment advisor. Insurance services offered through HUB International. GRP, Washington Financial Group and HUB International are separate and unaffiliated with LPL Financial. Washington Financial Group is the approved name under which LPL Financial business is conducted.