* 2024, 2023, and 2022 Pension Plan Limitations & SS Wage Base
11/15/2023
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $23,000 for 2024, $22,500 for 2023 and $20,500 for 2022.
The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $8,000 for 2024, $7,500 for 2023 and $6,500 for 2022.
The limit on annual contributions to an Individual Retirement Arrangement (IRA) is $7,000 for 2024, $6,500 for 2023 and$6,000 for 2022. The catch-up contribution to an IRA for individuals aged 50 and over is an additional $1,000.
The limitation for defined contribution plans under Section 415(c)(1)(A) is $69,000 for 2024, $66,000 for 2023 and $61,000 for 2022.
The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C) and 408(k)(6)(D)(ii) is $345,000 for 2024, $330,000 for 2023 and $305,000 for 2022.
The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan is $220,000 for 2024, $215,000 for 2023 and $200,000 for 2022.
The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) is $155,000 for 2024, $150,000 for 2023 and $135,000 for 2022.
The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts is $16,000 in 2024, $15,500 for 2023 and $14,000 for 2022. The catch-up contribution to a SIMPLE for individuals aged 50 and over is an additional $3,500 for both 2024 and 2023 and $3,000 for 2022.
The taxable wage base for Social Security is $168,600 for 2024, $160,200 for 2023 and $147,000 for 2022.
The age for Required Minimum Distributions (RMDs) is 72 in 2022 and 73 if you reach age 72 after December 31, 2022.
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