Important Plan Limits

IRS Announces Plan Limits for 2024

On November1, 2023, the IRS released cost-of-living adjustments for various retirement plan limitations that will take effect on January 1, 2024. We have presented a few of the more important plan limits below. For more information, please contact us at 1-800-594-7700.

Description

2023 2024
401(k) Deferrals
22,500
23,000
401(k) Catch-Up Deferrals (Age 50+)
7,500 7,500
SIMPLE Deferrals
15,500
16,000
SIMPLE Catch-Up Deferrals (Age 50+)
3,500 3,500
DC Plan Contribution Limit (Section 415)
66,000
69,000
Plan Compensation Limit
330,000
345,000
HCE Compensation Limit
150,000
155,000
SS Taxable Wage Base
160,200
168,600