Internal Revenue Service has released the 2024 cost-of-living-adjustments for qualified and personal retirement plans.
| Contribution & Benefit Limits | 2024 |
| Defined Contribution Plans | $69,000 |
| Defined Benefit & Cash Balance Plans – Annuity Limit | $275,000 |
| Cash Balance Plan Lump Sum Maximum | $3,500,000 |
| 401(k), 403(b) and 457 Plan Elective Deferrals | 23,000 |
| 401(k), 403(b) and 457 Plan Catch-Up Contribution | $7,500 |
| SIMPLE Plan Elective Deferrals | $16,000 |
| SIMPLE Plan Catch-Up Contribution | $3,500 |
| IRAs – Traditional and Roth | $7,000 |
| IRA Catch-Up Contribution | $1,000 |
| Other Limits | |
| Maximum Covered Compensation | $345,000 |
| Social Security Taxable Wage Base | $168,600 |
| Definition of Highly Compensated Employee | $155,000 |
| Definition of Key Employee | $220,000 |
| SEP Minimum Compensation | $750 |
Contact us to learn how these limits affect your retirement plan.