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Plan Limits

The Internal Revenue Service has issued its annual cost-of-living adjustments applicable to dollar limitations for pension plans.

The dollar limits are as follows:

Plan/IRA Limits

2024

2023

2022

2021

401(k),403(b), and SARSEP maximum deferral $23,000 $22,500

$20,500

$19,500

457 maximum deferral $23,000 $22,500

$20,500

$19,500

Catch-up for 401(k), 403(b), SARSEP, and 457 $7,500 $7,500

$6,500

$6,500

SIMPLE election maximum deferral $16,000 $15,500

$14,000

$13,500

Catch-up for SIMPLE $3,500 $3,500

$3,000

$3,000

DB – annual benefit $275,000 $265,000

$245,000

$230,000

DC – annual contribution $69,000 $66,000

$61,000

$58,000

Compensation Limits $345,000 $330,000

$305,000

$290,000

Highly Compensated Employees Compensation $155,000 $150,000

$135,000

$130,000

Key Employees

Officer Compensation

$220,000

$215,000

$200,000

$185,000

Key Employees

1% Owner

$150,000

$150,000

$150,000

$150,000

Compensation Limits

Social Security

$168,600

$160,200

$147,000

$142,800