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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

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.

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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.

CURRENT ARTICLES // FEBRUARY 2023

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Are your beneficiaries up to date?

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February 1, 2023
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Have you checked in on your financial wellness?

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Living paycheck to paycheck?

Take these steps to start 2023 off in a better direction...Read More
February 1, 2023
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What is dollar cost averaging?

Have you ever wanted to try an investing strategy that requires less work on a...Read More
February 1, 2023

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