Annual Plan Limits
| 401(k), 403(b), Profit-Sharing Plans, etc. | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Annual Compensation | $345,000 | $330,000 | $305,000 | $290,000 |
| Elective Deferrals | $23,000 | $22,500 | $20,500 | $19,500 |
| Catch-up Contributions* | $7,500 | $7,500 | $6,500 | $6,500 |
| Defined Contribution Limits | $69,000 | $66,000 | $61,000 | $58,000 |
| Other | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| HCE Threshold | $155,000 | $150,000 | $135,000 | $130,000 |
| Defined Benefit Limits | $275,000 | $265,000 | $245,000 | $230,000 |
| Key Employee | $220,000 | $215,000 | $200,000 | $185,000 |
| Taxable Wage Base | $168,600 | $160,200 | $147,000 | $142,800 |
*individuals who are age 50 and older by the end of the calendar year may make catch-up contributions in addition to the contribution limit, if catch-up contributions are permitted under the plan.
| SEP Plans | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| SEP Minimum Comp | $750 | $750 | $650 | $650 |
| SEP Maximum Contribution | $69,000 | $66,000 | $61,000 | $58,000 |
| SEP Maximum Comp | $345,000 | $330,000 | $305,000 | $290,000 |
| SIMPLE Plans | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| SIMPLE Maximum Contributions | $16,000 | $15,500 | $14,000 | $13,500 |
| Catch-up Contributions | $3,500 | $3,500 | $3,000 | $3,000 |
For Plans that have an off-calendar plan year, compensation is based on the annual limits in effect at the beginning of the Plan Year. Contribution limits are based on the annual limits in effect at the end of the Plan Year.
This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. The information above does not constitute, and should not be relied upon as, legal advice and is intended for informational purposes only.