Annual Plan Limits
The following are the IRS released limits for 2024:
401k Plan Limits for Year |
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
401k Elective Deferalls |
$23,000 |
$22,500 |
$20,500 |
$19,500 |
$19,500 |
$19,500 |
Annual Defined Contribution Limit |
$69,000 |
$66,000 |
$61,000 |
$58,000 |
$57,000 |
$56,000 |
Annual Compensation Limit |
$345,000 |
$330,000 |
$305,000 |
$290,000 |
$285,000 |
$280,000 |
Catch-Up Contribution Limit |
$7,500 |
$7,500 |
$6,500 |
$6,500 |
$6,500 |
$6,000 |
Highly Compensated Employees* |
$155,000 |
$150,000 |
$135,000 |
$130,000 |
$130,000 |
$125,000 |
Key Employee* |
$220,000 |
$215,000 |
######## |
######## |
######## |
######## |
Non-401k Related Limits |
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
403b/457 Elective Deferrals |
$23,000 |
$22,500 |
$20,500 |
$19,500 |
$19,500 |
$19,000 |
SIMPLE Employee Deferrals |
$16,000 |
$15,000 |
$14,000 |
$13,500 |
$13,500 |
$13,500 |
SIMPLE Catch-Up Deferral |
$3,500 |
$3,500 |
$3,000 |
$3,000 |
$3,000 |
$3,000 |
Social Security Wage Base |
$168,600 |
$162,000 |
######## |
######## |
######## |
######## |
*Highly Compesated Employees and Key Eployees have other requirements outside of compensation. Owners and family members may be considerred HCE/KEY regardless of compensation.