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Retirement Plan Limits


Dollar Limitations on Benefits and Contributions

2023
2024
Defined Benefit Plan1

$265,000

$275,000

Annual Compensation2

$330,000

$345,000

Defined Contribution Limit

$66,000

$69,000

Elective Deferral

$22,500

$23,000

Catch-Up Deferral

$7,500

$7,500

Taxable Wage Base

$160,200

$168,600


1
Represents the maximum annual amount payable (i.e., as an annuity) to a 65-year old retiree commencing payments during 2023 & 2024 - not a useful number for assessing Defined Benefit plan contribution limits

2 Represents the maximum W-2 (or net earned income, if unincorporated) allowed to be considered for the purpose of determining a retirement plan benefit or contribution

Dollar Limitations on Benefits and Contributions - unabridged IRS version