The IRS has announced changes to retirement plan limits for 2024.
For a complete list of plan limits based on plan types please visit the IRS website.
|
|
2025 |
2024 |
2023 |
|
Elective Deferrals Limit—401(k), 403(b) |
$23,500 |
$23,000 |
$22,500 |
|
Defined Contribution Limit |
$70,000 |
$69,000 |
$66,000 |
|
Defined Benefit Limit |
$280,000 |
$275,000 |
$265,000 |
|
Compensation Limit |
$350,000 |
$345,000 |
$330,000 |
|
Catch-Up Contribution Limit— 401(k), 403(b) Super Catch-up (age 60-63) |
$7,500 $11,250 |
$7,500 n/a |
$7,500 n/a |
|
Highly Compensated Employees |
$160,000 |
$155,000 |
$150,000 |
|
Key Employee |
$230,000 |
$220,000 |
$215,000 |
|
SIMPLE Employee Deferrals |
$16,500 |
$16,000 |
$15,500 |
|
SIMPLE Catch-Up Deferral |
$3,500 |
$3,500 |
$3,500 |