Annual Plan Limits

Each year the U.S. government adjusts the limits for qualified plans and Social Security to reflect cost of living adjustments and changes in the law. Many of these limits are based on the "plan year" as defined in the plan document. The elective deferral and catch-up limits are always based on the calendar year.

2024
2023       
2022
Annual Compensation Limit:

$345,000

$330,000

$2305,000

Limits on benefits:

Defined contribution plans

$69,000

$66,000

$61,000

Defined benefit plans

$275,000

$265,000

$245,000

                     
Limits on Contributions:  

401(k) plan elective deferrals 

$23,000

$22,500

$20,500

   

403(b) plan elective deferrals

$23,000

$22,500

$20,500

                     

457 plan elective deferrals

$23,000

$22,500

$20,500

    

Simple plan elective deferrals

$16,000

$15,500

$14,000

     

IRA

$6,500

$6,500

$6,000

     
Over 50 Catch-up Contributions:

401(k) plan

$7,500

$7,500

$6,500

403(b) plan

$7,500

$7,500

$6,500

                                    

457 plan

$7,500

$7,500

$6,500

                                  

Simple plan

$3,500

$3,500

$3,000

                                  

IRA

$1,000

$1,000

$1,000

                                    
Social Security Taxable wage base:

$168,600

$160,200

$147,000

    
Highly Compensated definition:

$155,00

$150,000

$135,000