ERISA 2023 Calendar

Sponsors of defined benefit and defined contribution retirement plans should keep the following deadlines and other important dates in mind as they work toward ensuring compliance for their plans in 2023. Dates assume a calendar year plan. Some deadlines may not apply, or dates may shift based on the plan sponsor’s fiscal year. 

For additional support, please contact your BDO representative.

Click the red plus signs in the calendar below for details around each deadline.

CONTRIBUTION PLAN LIMITS AND OTHER ROLLING NOTICES FOR 2023

• In addition to those important deadlines and dates, plan sponsors should be aware of the contribution plan limits and other rolling notices for 2023:
• Traditional and Roth Individual Retirement Account contribution limit is $6,500. Catch-up contributions for participants age 50 and over is $1,000, which is fixed by law and not adjusted each year.
• Employee salary deferral limit for 401(k), 403(b) and 457 plans is $22,500. The catch-up contribution limit for participants who are age 50 or older in 2023 is $7,500.
• Maximum annual additions (i.e., employee deferrals, employer contributions and forfeitures) that can be allocated to a participant’s defined contribution plan account for 2023 is $66,000.
• Limitation for the annual benefit under a defined benefit plan under Section 415(b)(1)(A) is $265,000.
• The dollar amount used to define “highly compensated employee” under Section 414(q)(1)(B) is $150,000.
• Newly eligible employees must receive a Summary Plan Description (SPD) within 90 days after becoming covered by the plan.
• Provide quarterly statements and fee information to defined contribution plan participants.
• Provide annual lifetime income illustrations to defined contribution plan participants.