2024 retirement plans limitations summary
The IRS recently released the 2024 limits for qualified retirement plan benefits and contributions. Here’s our two-minute overview.
The IRS recently released the 2024 cost-of-living adjustments (COLAs) for pension and 401(k) plan limitations.
Here are the highlights:
- The Internal Revenue Code (IRC) Section 415(c) contribution limit applicable to defined contribution retirement plans increased from $66,000 to $69,000 for 2024.
- The IRC Section 401(a)(17) annual compensation limit applicable to retirement plans increased from $330,000 to $345,000 for 2024.
- The elective deferral limit under IRC Section 402(g) increased from $22,500 to $23,000 for 2024.
- The catch-up contribution limit under IRC Section 414(v) for individuals aged 50 and over remains the same at $7,500 for 2024.
View our summary of the indexed amounts for 2021 to 2024.