Annual Contribution Limits
| 2024 | 2023 | 2022 | 2021 | |
| 401(k), 403(b), Profit-Sharing Plans, etc. | ||||
| Annual Compensation | $345,000 | $330,000 | $305,000 | $290,000 |
| Elective Deferrals | $23,500 | $22,500 | $20,500 | $19,500 |
| Catch-up Contributions1 | $7,500 | $7,500 | $6,500 | $6,500 |
| Defined Contribution 415 Limits | $69,000 | $66,000 | $61,000 | $58,000 |
| Defined Benefit/Cash Balance Plans | ||||
| Maximum Annual Benefit Payable | $275,000 | $265,000 | $245,000 | $230,000 |
| Single Employer Flat PBGC Rate Premium | $101 | $96 | $88 | $86 |
| Single Employer Variable Rate Premiums/$1,000 UVB | $52 | $52 | $48 | $46 |
| IRAs | ||||
| IRA Contribution Limit | $7,000 | $6,500 | $6,000 | $6,000 |
| IRA Catch-Up Contributions1 | $1,000 | $1,000 | $1,000 | $1,000 |
| Traditional IRA AGI Deduction Phase-out Starting at | ||||
| Joint Return | $123,000 | $116,000 | $109,000 | $105,000 |
| Single or Head of Household | $77,000 | $73,000 | $68,000 | $66,000 |
| SEPs | ||||
| SEP Minimum Compensation | $750 | $750 | $650 | $650 |
| SEP Maximum Contribution | $69,000 | $66,000 | $61,000 | $58,000 |
| SEP Maximum Compensation | $345,000 | $330,000 | $305,000 | $290,000 |
| SIMPLE Plans | ||||
| SIMPLE Maximum Contributions | $16,000 | $15,500 | $14,000 | $13,500 |
| Catch-up Contributions1 | $3,500 | $3,500 | $3,000 | $3,000 |
| Other Limits | ||||
| HCE Threshold | $155,000 | $150,000 | $135,000 | $130,000 |
| Key Employee | $220,000 | $215,000 | $200,000 | $185,000 |
| Taxable Wage Base | $168,600 | $160,200 | $147,000 | $142,800 |
1 individuals who are age 50 and older by the end of the calendar year may make catch-up contributions in addition to the contribution limit, if catch-up contributions are permitted under the plan.
*For Plans that are on an off-calendar year, compensation is based on the annual limits in effect at the beginning of the Plan Year. Contribution limits are based on the annual limits in effect at the end of the Plan Year.
This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. The information above does not constitute, and should not be relied upon as, legal advice and is intended for informational purposes only.
Sources:
https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions
https://www.pbgc.gov/prac/prem/premium-rates