Limits On Compensation
| Plan Limits | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 401(k), 403(b), and 457, and Defined Benefit Plans | $345,000.00 | $330,000.00 | $305,000 | $290,000 | $285,000 |
| Social Security Wage Base | $168,600.00 | $160,200.00 | $147,000 | $142,800 | $137,700 |
Limits on Benefits and Contributions
| Plan Limits | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 401(k), 403(b), and 457 Plan Elective Deferrals | $23,000.00 | $22,500.00 | $20,500 | $19,500 | $19,500 |
| Defined Benefit Plans | $275,000.00 | $265,000.00 | $245,000 | $230,000 | $230,000 |
| Defined Contribution Total Additions | $69,000.00 | $66,000.00 | $61,000 | $58,000 | $57,000 |
| SIMPLE Plan Elective Deferrals | $16,000.00 | $15,500.00 | $14,000 | $13,500 | $13,500 |
| IRA Contributions | $7,000.00 | $6,500.00 | $6,000 | $6,000 | $6,000 |
| HCE "Highly Compensated Employee" Definition | $155,000.00 | $150,000.00 | $135,000 | $130,000 | $130,000 |
Applicable at age 50
| Plan Limits | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 401(k), 403(b), and 457 Plan Catchup Contributions | $6,500.00 | $6,500.00 | $6,500 | $6,500 | $6,000 |
| SIMPLE Plan Catchup Contributions | $3,000.00 | $3,000.00 | $3,000 | $3,000 | $3,000 |
| IRA Catchup Contributions | $1,000.00 | $1,000.00 | $1,000 | $1,000 | $1,000 |
"Key Employee" Definition
| Plan Limits | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Officer | $200,000 | $185,000 | $180,000 | $175,000 | $170,000 |
| 1% Owner | $150,000 | $150,000 | $150,000 | $150,000 | $150,000 |
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