2024 Plan Limits

The IRS has released the 2024 Plan Limits. Below are a few highlights of the changes. See https://www.irs.gov/pub/irs-drop/n-23-75.pdf for the full release.

• The annual benefit limit under a defined benefit plan under § 415(b)(1)(A) is increased from $265,000 to $275,000.
• The limitation for defined contribution plans under § 415(c)(1)(A) is increased in 2024 from $66,000 to $69,000.
• The contribution limit for an employee who participates in their employer’s 401(k) has increased from $22,500 to $23,000 for 2024, and the catch-up limit for employees age 50 and over remained at $7,500 for 2024.