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RETIREMENT PLAN INVESTOR
Use your plan ID (available on your account statement) to determine which employer-sponsored retirement plan website to use:
IF YOUR PLAN ID BEGINS WITH IRK, BRK, 1 OR 2
Visit americanfunds.com/retire
IF YOUR PLAN ID BEGINS WITH 34 OR 135
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Contribution limits for employer-sponsored retirement plans
A summary of annual contribution limits for 401(k), 403(b), SEP, SIMPLE, money purchase and profit-sharing retirement plans.
Certain limits may vary; check with your employer for the specifics of your plan. Please note that the information provided in the table is for the 2023 tax year.
401(k) |
403(b) |
SEP |
SIMPLE IRA |
Money purchase |
Profit-sharing |
|---|---|---|---|---|---|
PARTICIPANT CONTRIBUTION |
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$22,500 Salary deferrals into other qualified plans count toward the limit |
$22,500 |
N/A |
$15,500 |
N/A |
N/A |
PARTICIPANT CATCH-UP CONTRIBUTION* |
|||||
Up to $7,500 |
$7,500 |
N/A |
$3,500 |
N/A |
N/A |
MAXIMUM CONTRIBUTION FROM EMPLOYER & PARTICIPANT THAT EMPLOYER CAN DEDUCT |
|||||
25% of total eligible payroll (payroll limited to $330,000 per participant) |
Tax deduction is not an issue for tax-exempt organizations; however, contributions are generally subject to the same tax-deductible limits applicable to for-profit organizations |
25% of employee’s pay (pay limited to $330,000 per participant) or $66,000, whichever is less |
$31,000† ($15,500 participant contribution + $15,500 employer match; employer match limited to 3% of compensation) |
25% of total eligible payroll (payroll limited to $330,000 per participant) |
25% of total eligible payroll (payroll limited to $330,000 per participant) |
MAXIMUM ALLOCATION FROM EMPLOYER & PARTICIPANT TO PARTICIPANT’S ACCOUNT |
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100% of participant’s total pay or $66,000, whichever is less; if age 50 or older, a catch-up contribution of up to $7,500 may be added |
100% of participant’s pay or up to $66,000, whichever is less; if age 50 or older, a catch-up contribution of up to $7,500 may be added |
25% of participant’s pay or $66,000 whichever is less |
$31,000†; if age 50 or older, a catch-up contribution of up to $3,500 + $3,500 employer match may be added |
100% of participant’s total pay or $66,000 whichever is less |
100% of participant’s total pay or $66,000 whichever is less |
*Catch-up contributions may be permitted in addition to annual contributions for individuals age 50 and over.
†Compensation of at least $516,666.67 is required for the $15,500 maximum match.
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Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
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American Funds Distributors, Inc.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.