HELPING BUILD GOALS AND DREAMS
| Deferred Contribution Plans | 2024 | 2023 | 2022 |
|---|---|---|---|
| Deferral Limit for: 401(k), 403(b), and 457 plans | $23,000 | $22.500 | $20.500 |
| Catch-up Contribution Limit for: 401(k), 403(b), and 457 plans (individuals over 50) |
$7,500 | $7,500 | $6,500 |
| Simple IRA Annual Contribution Limit | $16,000 | $15,500 | $14,000 |
| Simple IRA Catch-Up Contribution | $3,500 | $3,500 | $3,000 |
| Defined Contribution Plan Annual Contribution Limit | $69,000 | $66,000 | $61,000 |
| Compensation | 2024 | 2023 | 2022 |
|---|---|---|---|
| Annual Compensation Cap | $345,000 | $330,000 | $305,000 |
| *Highly Compensated Employee Threshold* | $155,000 | $150,000 | $135,000 |
| Key Employee Compensation Threshold | $220,000 | $215,000 | $200,000 |
| Saver’s Credit | |||
| Married Filing Jointly | $76,500 | $73,000 | $68,000 |
| Married Head of Household | $57,375 | $54,750 | $51,000 |
| Single Taxpayer | $38,250 | $36,500 | $34,000 |
*An employee earning over $135,000 in 2022 will be treated as highly compensated in 2023. An employee earning over $150,000 in 2023 will be treated as highly compensated in 2024.*
| Defined Benefit Plans | 2024 | 2023 | 2022 |
|---|---|---|---|
| DB Plan Annual Benefit Limit | $275,000 | $265,000 | $245,000 |
| Max Lump Sum at Age 62 | $3.4 mill | $3.419 mill | $3.15 mill |
| Social Security | 2024 | 2023 | 2022 |
|---|---|---|---|
| Social Security Taxable Wage Base | $168,000 | $160,200 | $147,000 |