The IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2024.
Here are the highlights:
2024 |
2023 |
2022 |
2021 |
|
| 401(k) and 403(b) Deferral Limit | $23,000 | $22,500 | $20,500 | $19,500 |
| 457 Deferral Limit | $23,000 | $22,500 | $20,500 | $19,500 |
| 401(k), 403(b), 457 Catch-up Contribution Limit | $7,500 | $7,500 | $6,500 | $6,500 |
| SIMPLE Deferral Limit | $16,000 | $15,500 | $14,000 | $13,500 |
| SIMPLE Catch-up Contribution Limit | $3,500 | $3,500 | $3,000 | $3,000 |
| Annual Compensation Limit | $345,000 | $330,000 | $305,000 | $290,000 |
| Defined Benefit 415 Limit | $275,000 | $265,000 | $245,000 | $230,000 |
| Defined Contribution 415 Limit | $69,000 | $66,000 | $61,000 | $58,000 |
| Dollar Limit for HCEs | $155,000 | $150,000 | $135,000 | $130,000 |
| Dollar Limit for Key Employee | $220,000 | $215,000 | $200,000 | $185,000 |
| Social Security Taxable Wage Base | $168,600 | $160,200 | $147,000 | $142,800 |