2024 Changes in Annual Qualified Retirement Plan Benefit Limits
The IRS recently announced the new annual qualified retirement plan benefit limits for 2024. Set forth in the table below is a summary of the most relevant new limits for 2022 – 2024.
These lists are mainly of interest to those of you familiar with retirement plans. If you do not understand the types of retirement plans referred to below or have any other questions regarding retirement plans in general, please contact our office for more information. Thank you.
|
|
2022 |
2023 |
2024 |
| 415 Limit for Defined Benefit Plans |
$245,000 |
$265,000 |
$275,000 |
|
415 Limit for Defined Contribution Plans |
61,000 |
66,000 |
69,000 |
|
401(k) and 403(b) Maximum Deferral |
20,500 |
22,500 |
23,000 |
|
Catch-up Contributions (age 50 and over) |
6,500 |
7,500 |
7,500 |
|
Social Security Taxable Wage Base |
147,000 |
160,200 |
168,600 |
|
Maximum Compensation Allowable for Benefit Purposes |
305,000 |
330,000 |
345,000 |
|
Compensation For Highly Compensated Employee (“HCE”) Status |
135,000 |
150,000 |
155,000 |
|
SIMPLE Maximum Deferral |
14,000 |
15,500 |
16,000 |
|
457 Maximum Deferral |
20,500 |
22,500 |
23,000 |
