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