The IRS announced the updated retirement plan limits for 2024. Below, we highlight the notable DC plan limits:
- Although by a lesser percentage than last year, the annual contribution limit will increase from $22,500 to $23,000.
- The age 50 annual catch-up contribution limit will remain the same at $7,500.
- The annual compensation limit will increase from $330,000 to $345,000.
- The Section 415(c) limit will increase from $66,000 to $69,000.
- The highly compensated employee threshold will increase from $150,000 to $155,000.
Visit the IRS publication to learn more.
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