Each year the U.S. government adjusts the limits for qualified plans and Social Security to reflect cost-of-living adjustments and changes in the law. Many of these limits are based on the “plan year” as defined in the plan document. The elective deferral and catch-up limits are always based on the calendar year. The below limits apply to Defined Contribution plans.
| 2024 | 2023 | 2022 | |
| Maximum Compensation |
$345,000 | $333,000 | $305,000 |
| Limits on benefits and contributions: | |||
| Plan dollar limit | $69,000 | $66,000 | $61,000 |
| 401(k), 403(b) and 457 plan elective deferrals | $23,500 | $22,500 | $20,500 |
| Age 50 Catch-up contributions: | |||
| 401(k), 403(b) and 457 plans | $7,500 | $7,500 | $6,500 |
| “Highly Compensated” definition |
$155,000 | $150,000 | $135,000 |
| “Key Employee” definition: | |||
| Officer | $220,000 | $215,000 | $200,000 |
| 1% owner | $150,000 | $150,000 | $150,000 |
| Social Security taxable wage base |
$168,600 | $160,200 | $147,000 |