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Employee Benefits Update: IRS Benefit Plan Limitations 2024

Retirement Plan Copy of Featured Images-26 - Buelow Vetter Buikema Olson & Vliet

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 mflanary@buelowvetter.com.

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