2024 Qualified Retirement Plan Limits
Modest increases to Qualified Retirement Plan Limits were announced by the Internal Revenue Service (IRS) for 2024
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In its recent announcement, the IRS unveiled the 2024 cost-of-living adjustments affecting various dollar limitations applicable to qualified retirement plans and other benefit programs. Simultaneously, the Social Security Administration (SSA) disclosed its own adjustments for the year 2024. Notably, numerous dollar limits, such as the elective deferral contribution limit for 401(k), 403(b), and 457(b) plans, the annual compensation limit under 401(a)(17), and the maximum annual contribution limit pursuant to Code Section 415(c), are set to increase compared to the 2023 limits. However, it is important to highlight that the dollar limit for catch-up contributions, applicable to individuals aged 50 or older, will remain unchanged from the 2023 limit.
See table for new limits for 2024:
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