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 |
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| 401(k),403(b), and SARSEP maximum deferral | $23,000 | $22,500 |
$20,500 |
$19,500 |
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| 457 maximum deferral | $23,000 | $22,500 |
$20,500 |
$19,500 |
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| Catch-up for 401(k), 403(b), SARSEP, and 457 | $7,500 | $7,500 |
$6,500 |
$6,500 |
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| SIMPLE election maximum deferral | $16,000 | $15,500 |
$14,000 |
$13,500 |
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| Catch-up for SIMPLE | $3,500 | $3,500 |
$3,000 |
$3,000 |
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| DB – annual benefit | $275,000 | $265,000 |
$245,000 |
$230,000 |
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| DC – annual contribution | $69,000 | $66,000 |
$61,000 |
$58,000 |
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| Compensation Limits | $345,000 | $330,000 |
$305,000 |
$290,000 |
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| Highly Compensated Employees Compensation | $155,000 | $150,000 |
$135,000 |
$130,000 |
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|
Key Employees Officer Compensation |
$220,000 |
$215,000 |
$200,000 |
$185,000 |
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|
Key Employees 1% Owner |
$150,000 |
$150,000 |
$150,000 |
$150,000 |
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|
Compensation Limits Social Security |
$168,600 |
$160,200 |
$147,000 |
$142,800 |
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