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.
|
|
2024 |
2023 |
2022 |
|
Elective Deferrals Limit—401(k), 403(b) |
$23,000 |
$22,500 |
$20,500 |
|
Defined Contribution Limit |
$69,000 |
$66,000 |
$61,000 |
|
Defined Benefit Limit |
$275,000 |
$265,000 |
$245,000 |
|
Compensation Limit |
$345,000 |
$330,000 |
$305,000 |
|
Catch-Up Contribution Limit— 401(k), 403(b) |
$7,500 |
$7,500 |
$6,500 |
|
Highly Compensated Employees |
$155,000 |
$150,000 |
$135,000 |
|
Key Employee |
$220,000 |
$215,000 |
$200,000 |
|
SIMPLE Employee Deferrals |
$16,000 |
$15,500 |
$14,000 |
|
SIMPLE Catch-Up Deferral |
$3,500 |
$3,500 |
$3,000 |