Plan Limits & Cost of Living Adjustments
IRS Announces 2024 Plan Limits
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| 401(k) Elective Deferrals | $23,000 | $22,500 | $20,500 |
| Catch-Up Contributions | $7,500 | $7,500 | $6,500 |
| Defined Contribution Plan Limit | $69,000 | $66,000 | $61,000 |
| Defined Benefit Plan Annual Benefit Limit | $275,000 | $265,000 | $245,000 |
| Compensation Limit | $345,000 | $330,000 | $305,000 |
| Top Heavy Key Employee | $220,000 | $215,000 | $200,000 |
| Highly Compensated Employee | $155,000 | $150,000 | $135,000 |
For additional resources, please visit the IRS website.
Social Security Administration Announces 2024 Cost of Living Adjustments
| 2024 | 2023 | 2022 | |
|---|---|---|---|
Taxable Wage Base |
$168,600 | $160,200 | $147,000 |
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