Employee 403(b) and 457(b) annual maximum contribution for 2023 will increase to $22,500. This is a $2,000 increase from the $20,500 annual maximum contribution for 2022, which was announced by the Internal Revenue Service on October 21st. Plan participants age 50 or older can contribute an additional $7,500 for 2023. This is a $1,000 increase from the additional $6,500 for 2022.
For more information on tax deferred annuities, contact ESO’s Benefits Team. For information on managing your account, log in to Retirement@Work.