Annual Plan Limits

The following are the IRS released limits for 2024:

401k Plan Limits for Year 2024 2023 2022 2021 2020 2019
401k Elective Deferalls $23,000 $22,500 $20,500 $19,500 $19,500 $19,500
Annual Defined Contribution Limit $69,000 $66,000 $61,000 $58,000 $57,000 $56,000
Annual Compensation Limit $345,000 $330,000 $305,000 $290,000 $285,000 $280,000
Catch-Up Contribution Limit $7,500 $7,500 $6,500 $6,500 $6,500 $6,000
Highly Compensated Employees* $155,000 $150,000 $135,000 $130,000 $130,000 $125,000
Key Employee* $220,000 $215,000 ######## ######## ######## ########

Non-401k Related Limits 2024 2023 2022 2021 2020 2019
403b/457 Elective Deferrals $23,000 $22,500 $20,500 $19,500 $19,500 $19,000
SIMPLE Employee Deferrals $16,000 $15,000 $14,000 $13,500 $13,500 $13,500
SIMPLE Catch-Up Deferral $3,500 $3,500 $3,000 $3,000 $3,000 $3,000
Social Security Wage Base $168,600 $162,000 ######## ######## ######## ########
*Highly Compesated Employees and Key Eployees have other requirements outside of compensation. Owners and family members may be considerred HCE/KEY regardless of compensation.