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2024 Retirement Plan Contribution Limits
2024 Retirement Plan Contribution Limits
The Internal Revenue Service (IRS) has released all retirement plan limits for the 2024 calendar year.
These limits are adjusted for inflation on an annual basis. In some cases, limits are the same as those in the calendar year 2023.
Benefit |
2023 |
2024 |
Change |
| 401(k) 403(b) Elective | $22,500 | $23,000 | $500 Increase |
| Deferral Maximum 457(b) Non-qualified Deferred Compensation Limit | $22,500 | $23,000 | $500 Increase |
| 414(v) Catchup Contribution Limit | $7,500 | $7,500 | No Change |
| 415 Defined Contribution Annual Additional Maximum | $66,000 | $69,000 | $3,000 Increase |
| 401(a)(17) Annual Compensation Limit | $330,000 | $345,000 | $15,000 Increase |
| 414(q) Highly-Compensated Employee Limit | $150,000 | $155,000 | $5,000 Increase |
| Social Security Wage Base | $160,200 | $168,600 | $8,400 Increase |
| SIMPLE Employee Deferrals | $15,500 | $16,000 | $500 Increase |
| 415 Defined Benefit Dollar Maximum | $265,000 | $275,000 | $10,000 Increase |
| Health Savings Account (HSA) Limit | $3,850 (Single) $7,750(Family) |
$4,150 (Single) $8,300 (Family) |
$300 Increase $550 Increase |
| Health Savings Account Catch-Up Contribution (55 or older)(Single or Family) | $1,000 | $1,000 | No Change |
Download the 2024 Financial Bulletin to review contribution limit changes that may impact your company and employees.
Action Steps
- Update retirement plan designs for the new limits and make sure that plan administration will be consistent with the new limits in 2024.
- Communicate the new retirement plan limits to employees.
Interested in learning about retirement plan compliance? Check out our webinar on Compliance Testing: What Every Plan Sponsor Should Know and other events in the Fiduciary Academy.
Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly-owned subsidiary of OneDigital.
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