IRS COLA Limits

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