While the official IRS announcement will come next month, the contribution limit for retirement accounts will likely increase from $23,000 to $23,500 in 2025, according to new Mercer and Milliman reports.

The Internal Revenue Service and the Department of the Treasury are requesting comments on this new SECURE 2.0 provision, which takes effect in 2027, that will provide low-income employees with an annual $1,000 match.

The IRS notice instructs employers planning to provide matching retirement contributions to employees making student loan payments, aligning with the new SECURE 2.0 provision.