2023 contribution limits The good news for year 2023! The IRS has increased the 401(k) annual contribution limit to $22,500 (up from $20,500 in 2022). That means, this year you can save up to $22,500 of your income in the Plan. 50 or over? You may be able to save even more If you are age 50 or older, you can save even more by making “catch-up” contributions to your 401(k) plan. Catchup contributions allow those who are 50 and over to contribute an additional $7,500 per year towards their retirement plan. That means, in 2023 you can stash as much as $30,000 in your Elevator Constructors Annuity and 401(k) Retirement Plan. Annual 401(k) Contribution Limits in 2023 When it comes to retirement planning, saving as much as you can in your 401(k) plan today helps ensure that you have a secure and comfortable retirement. The Elevator Constructors Annuity and 401(k) Retirement Plan gives you a great way to prepare for the future by allowing you to put away pre-tax dollars towards your retirement. However, it’s important to note that the IRS limits how much people can contribute to their 401(k) plans each year and this annual limit may change from year-to-year to keep pace with inflation. Take action today Now is the perfect time to make sure your savings are on track. Log in to your account at empower.com/iuec, review your information and consider starting to save or increasing your savings rate. To begin making 401(k) contributions, or to change your contribution rate, download the 401(k) Contribution Enrollment/ Deferral Change Form from the website. Complete the form and provide it to your employer. Questions Call Empower at 833-390-IUEC (4832) weekdays from 8 a.m. — 10 p.m. and Saturdays from 9 a.m. - 5:30 p.m. Eastern time. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser, Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. “EMPOWER” and all associated logos, and product names are trademarks of Empower Annuity Insurance Company of America . All right reserved. ©2022 Empower Retirement, LLC. RO2601514-1122 2023 contribution limits The good news for year 2023! The IRS has increased the 401(k) annual contribution limit to $22,500 (up from $20,500 in 2022). That means, this year you can save up to $2 ,500 of your income in the Plan. 50 or over? You may be able to save even more If you are age 50 or older, you can save even more by making “catch-up” contributions to your 401(k) plan. Catchup contributions allow those who are 50 and over to contribute an additional $7,500 per year towards their retirement plan. That means, in 2023 you can stash as much as $30,000 in your Elevator Constructors Annuity and 401(k) Retirement Plan. Annual 401(k) Contribution Limits in 2023 When it comes to retirement planning, saving as much as you can in your 401(k) plan today helps ensure that you have a secure and comfortable retirement. The Elevator Constructors Annuity and 401(k) Retirement Plan gives you a great way to prepare for the future by allowing you to put away pre-tax dollars towards your retirement. However, it’s important to note that the IRS limits how much people can contribute to their 401(k) plans each year and this annual limit may change from year-to-year to keep pace with inflation. Take action today Now is the perfect time to make sure your savings are on track. Log in to your account at empower.com/iuec, review your information and consider starting to save or increasing your savings rate. To begin making 401(k) contributions, or to change your contribution rate, download the 401(k) Contribution Enrollment/ Deferral Change Form from the website. Complete the form and provide it to your employer. Questions Call Empower at 833-390-IUEC (4832) weekdays from 8 a.m. — 10 p.m. and Saturdays from 9 a.m. - 5:30 p.m. Eastern time. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser, Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. “EMPOWER” and all associated logos, and product names are trademarks of Empower Annuity Insurance Company of America . All right reserved. ©2022 Empower Retirement, LLC. RO2601514-1122 2023 contribution limits The good news for year 2023! The IRS has increased the 401(k) annual contribution limit to $22,500 (up from $20,500 in 2022). That means, this year you can save up to $22,500 of your income in the Plan. 50 or over? You may be able to save even more If you are age 50 or older, you can save even more by making “catch-up” contributions to your 401(k) plan. Catchup contributions allow those who are 50 and over to contribute an additional $7,500 per year towards their retirement plan. That means, in 2023 you can stash as much as $30,000 in your Elevator Constructors Annuity and 401(k) Retirement Plan. Annual 401(k) Contribution Limits in 2023 When it comes to retirement planning, saving as much as you can in your 401(k) plan today helps ensure that you have a secure and comfortable retirement. The Elevator Constructors Annuity and 401(k) Retirement Plan gives you a great way to prepare for the future by allowing you to put away pre-tax dollars towards your retirement. However, it’s important to note that the IRS limits how much people can contribute to their 401(k) plans each year and this annual limit may change from year-to-year to keep pace with inflation. Take action today Now is the perfect time to make sure your savings are on track. Log in to your account at empower.com/iuec, review your information and consider starting to save or increasing your savings rate. To begin making 401(k) contributions, or to change your contribution rate, download the 401(k) Contribution Enrollment/ Deferral Change Form from the website. Complete the form and provide it to your employer. Questions Call Empower at 833-390-IUEC (4832) weekdays from 8 a.m. — 10 p.m. and Saturdays from 9 a.m. - 5:30 p.m. Eastern time. Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser, Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. “EMPOWER” and all associated logos, and product names are trademarks of Empower Annuity Insurance Company of America . All right reserved. ©2022 Empower Retirement, LLC. RO2601514-1122
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