The IRS has released the Annual Plan Limitations for 2024 for defined contribution and defined benefit plans. 403(b), 457(b), & 401(k) elective deferral, catch-up and other key limits are listed below.
| 2023 Limits | 2024 Limits | |
|---|---|---|
| Employee Elective Deferrals to the 403(b), 457(b) and 401(k) Plans | $22,500 | $23,000 |
| Catch-Up Contributions (Age 50 or older) to the 403(b), 457(b) and 401(k) Plans | $7,500 | $7,500 |
| Annual Addition Dollar Maximum (applies to Employer-paid 401(a), 403(b) and 401(k) Plans) | $66,000 | $69,000 |
| Defined Benefit Dollar Maximum | $265,000 | $275,000 |
| Highly Compensated Employee Threshold (applies mainly to 401(k) Plans) | $150,000 | $155,000 |
| Key Employee Threshold (applies mainly to 401(k) Plans) | $215,000 | $220,000 |
| Annual Compensation (applies to almost all retirement plans) | $330,000 | $345,000 |
| Annual IRA contribution | $6,500 | $7,000 |
| IRA catch-up contributions (age 50 and older; unchanged) | $1,000 | $1,000 |
| HSA Catch Up Contributions (age 55+) | $1,000 | $1,000 |
Financial assistance is available! Get matched with a Financial Advisor:
