The IRS announced new contribution/distribution limits for 2023 – these limits can be adjusted annually based on inflationary cost-of-living changes from year-to-year. The major ones that may impact PERA members are listed below: 

• The employee contribution limits to 401(k) and 457 plans will increase to $22,500 in 2023 from $20,500 in 2022; the catch-up contributions for those over age 50 in those plans will increase to $7,500 in 2023 from $6,500 in 2022; 
• The § 415 limit for benefit payments from a DB plan similar to PERA will increase to $265,000 in 2023 from $245,000 in 2022; 
•  The § 401(a)(17) limit for salary to be eligible to be reported to PERA for members who started on/after January 1, 1996, will increase to $330,000 in 2023 from $305,000 in 2022.