Log in

The 2024 Retirement Plan Contribution Limits

DWC 11/2/23

Extra! Extra! The IRS has released the 2024 contribution limits.    

The following is a review of the most frequently accessed limits and the impact on 2024:

Compensation and Benefit Limits 

  • Annual compensation limit: $345,000
  • Elective Deferrals: 401(k) Plans: $23,000
  • Catch-up contribution limit for 401(k) plans: $7,500 (no change from 2023)
  • Annual additions limit for defined contribution plans: $69,000
  • Annual additions limit for defined benefit plans: $275,000
  • Social Security Wage Base: $168,600

Testing Limits

  • Highly compensated employee: $155,000
  • Key employee based on officer status: $220,000

 You can find a chart of these limits from 2015 to 2024 here in the DWC Knowledge Center.

Access the Knowledge Center

Topics: 401(k) Plan, 403(b), Defined Benefit, Defined Contribution, SIMPLE, 401(k) Contribution Limits, Plan Sponsor Requirements


See all

The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organisation. All content is provided for informational purposes only and is not intended to be tax or legal advice.