New Deferred Compensation Plan limits for 2023

The Internal Revenue Service (IRS) recently announced increased contribution limits for qualified retirement plans, which includes King County’s 457(b) Deferred Compensation Plan.

For 2023, you can contribute up to $22,500 per year into your Deferred Compensation Plan. Previously, the limit was $20,500. If you are age 50 or older, you can contribute $30,000 per year; the previous limit was $27,000.

For more information, go to the Deferred Compensation Plan webpage. If you have a question about these limits and how they apply, please contact Osceola (O.C) Collier, King County Deferred Compensation Coordinator, at 206-263-9250 or KC Deferred Comp.