Annual Plan Limits

Limits for Benefits and Contributions:

2024

2023

2022

2021

Defined Contribution Plans

$69,000

$66,000

$61,000

$58,000

Defined Benefit Plans

$275,000

$265,000

$245,000

$230,000

401(k), 403(b) and 457 Plan Elective Deferrals

$23,000

$22,500

$20,500

$19,500

SIMPLE Plan Elective Deferrals

$16,000

$15,500

$14,000

$13,500

IRA

$7,000

$6,500

$6,000

$6,000

Limits for Catch-Up Contributions:

 

 

 

 

401(k), 403(b) and 457 Plans

$7,500

$7,500

$6,500

$6,500

SIMPLE Plans

$3,500

$3,500

$3,000

$3,000

Top-Heavy "Key Employee" Definition:

 

 

 

 

Officer

$220,000

$215,000

$200,000

$185,000

1% Owner

$150,000

$150,000

$150,000

$150,000

Social Security Taxable Wage Base

$168,600

$160,200

$147,000

$142,800

Other Defined Limits

 

 

 

 

Compensation

$345,000

$330,000

$305,000

$290,000

"Highly Compensated Employee"

$155,000

$150,000

$135,000

$130,000