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 |
|
|
|
23,000 |
| 401(k) Catch-Up Deferrals (Age 50+) |
|
7,500 |
7,500 |
|
|
|
16,000 |
| SIMPLE Catch-Up Deferrals (Age 50+) |
|
3,500 |
3,500 |
| DC Plan Contribution Limit (Section 415) |
|
|
69,000 |
|
|
|
345,000 |
|
|
|
155,000 |
|
|
|
168,600 |
