The IRS recently released employee benefit plan limits for 2024. There are several changes for 2024.
PLAN LIMITATIONS |
2022 |
2023 |
2024 |
| Annual Compensation Limit | $305,000 | $330,000 | $345,000 |
| Defined Contribution Maximum Annual Contribution | $61,000 | $66,000 | $69,000 |
| Annual §401(k) Employee Deferral Limit | $20,500 | $22,500 | $23,000 |
| Age 50 Catch-up Contributions to §401(k) Plan | $6,500 | $7,500 | $7,500 |
| Highly Compensated Employee Threshold | $135,000 | $150,000 | $155,000 |
| Income subject to Social Security Wage Base | $147,000 | $160,200 | $168,600 |
| Traditional or Roth IRA Limit | $6,000 | $6,500 | $7,000 |
| Age 50 IRA Catch-up Limit | $1,000 | $1,000 | $1,000 |
PLEASE MAKE SURE THESE CHANGES ARE MADE IN YOUR PAYROLL SYSTEM AFTER YOUR LAST PAY PERIOD IN 2023 AND BEFORE YOUR FIRST PAY PERIOD IN 2024.
