2024 Benefit Plan Limits
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
November 2, 2023
