The IRS has issued Notice 2023-75 announcing the retirement plan limits for 2024.
Download this FYI Alert as a printable PDF.
Retirement plan limits
The table below lists the key 2024 limits side by side with those in effect for 2023. With the exception of the catch-up limit, all of these limits have increased from 2023 to 2024.
| 2024 | 2023 | |
| 401(k)/403(b) elective deferral maximum | $23,000 | $22,500 |
| §415 defined benefit dollar maximum | $275,000 | $265,000 |
| §415 defined contribution annual addition maximum | $69,000 | $66,000 |
| §457(b) plan deferral limit | $23,000 | $22,500 |
| §401(a)(17) annual compensation limit | $345,000 | $330,000 |
| §414(q) highly compensated employee limit | $155,000 | $150,000 |
| §414(v) catch-up contribution limit | $7,500 | $7,500 |
| §416(i) top-heavy key employee officer limit | $220,000 | $215,000 |
In closing
Our For Your Reference document outlining key retirement, health and other benefit plan limits and various key social security and Medicare figures, will be available shortly on Buck.com.
Volume 46 | Issue 21