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Posted on: February 1, 2023

IRS 2023 Tax Year: Annual Inflation Adjustment Changes

IRS Notice_spotlight-1 (1)

On October 18, 2022, the Internal Revenue Service announced the tax year 2023 annual inflation adjustment.  This inflation adjustment may mean that you will see an increase or a decrease in your monthly retirement benefit based on the exemptions you have previously identified on your W-4P.  You can find more information regarding this tax inflation adjustment at  If you would like to make changes to your tax exemptions you may so do directly through your PeopleSoft Self-Service portal.

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