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Employee Benefits Update: IRS Benefit Plan Limitations 2024
Earlier this afternoon, the Internal Revenue Service issued the adjusted retirement plan limitations for 2024. As expected, most of the limits will significantly increase from 2023:
- Elective Deferral Limit: $23,000 (increased from $22,500 in 2023)
- Catch-Up Contributions: $7,500 (the same as in 2023)
- 415 (Total) Plan Limit: $69,000 (increased from $66,000 in 2023)
- Compensation Limit: $345,000 (increased from $330,000 in 2023)
- Social Security Limit $168,600 (increased from $160,200 in 2023)
The attached chart shows these and several other historical limits from 2019 through 2024, and a reference to the IRS sources.
For more information regarding these updates, please contact Matthew J. Flanary at (262) 364-0253 or at firstname.lastname@example.org.