Category: News

The IRS recently released employee benefit plan limits for 2025.  There are several changes for 2025. PLAN LIMITATIONS 2023 2024 2025 Annual Compensation Limit $330,000 $345,000 $350,000 Defined Contribution Maximum Annual Contribution $66,000 $69,000 $70,000 Annual §401(k) Employee Deferral Limit $22,500 $23,000 $23,500 Age 50 Catch-up Contributions to §401(k) Plan $7,500 $7,500 $7,500 Age 60, 61, 62, or 63 Catch-up Contributions to §401(k) Plan $11,250 Highly Compensated Employee Threshold $150,000 $155,000 $160,000 Income subject to Social Security Wage Base $160,200 $168,600 $176,100 Traditional or Roth IRA Limit $6,500 $7,000 $7,000 Age 50 IRA Catch-up Limit $1,000 $1,000 $1,000 PLEASE MAKE SURE THESE

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