ABA Retirement Funds Program – Program Insights

BY THE NUMBERS

Higher contribution limits for retirement savings plans

The Internal Revenue Service (“IRS”) has raised the contribution limits for 2023.

	2023 Limits	2022 Limits
401(k) plans elective deferral contribution	$22,500	$20,500
401(k) plans age 50 and older catch-up contribution	$7,500	$6,500
SIMPLE 401(k) plans deferral contribution	$15,500	$14,000
SIMPLE 401(k) plans catch-up contribution	$3,500	$3,000
Qualified plan maximum compensation	$330,000	$305,000
Social Security taxable wage base	$160,200	$147,000

Source: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

SEARCH PROGRAM INSIGHTS

Is your address accurate?

It’s important to verify that your and your beneficiaries’ mailing addresses are always up to date within your ABA Retirement Funds Program (“Program”) account, even if your communication preference is email. Verifying your address is easy – log into your account through abaretirement.com and navigate to My Profile > Address Information under your name in the upper right-hand corner of your account page. Be sure to review your information regularly and update as needed. Alternatively, you can complete the Participant Data Change Form and provide it to your employer.

Keeping your account safe

With Voya Financial’s (the Program’s recordkeeper) S.A.F.E. Guarantee, if any assets are taken from your Program retirement plan account due to unauthorized activity and through no fault of your own, Voya Financial (“Voya”) will restore the value of your account subject to satisfying a few key steps. One of the first steps in becoming eligible for Voya’s S.A.F.E. Guarantee is registering your online Program account with a username and strong password. If you’re logging in to your account for the first time, click Register Now on the Participant Login page of abaretirement.com, or click here.

Learn the steps that Voya is taking to keep your Program account safe.