Specialists in ERISA and Employee Benefits Law​

KLB Benefits

IRS Announces 2024 Retirement Plan Dollar Limits

The IRS issued Notice 2023-75, announcing the 2024 dollar limits adjusted for cost-of-living that will apply to retirement plans.

2024 Cost of Living Adjustments:


Elective Deferral Max                     $23,000 ($500 increase)

Catch-up Contribution Limit           $7,500 (no change)

Compensation Limit                       $345,000 ($15,000 increase)

HCE Definition Comp Limit            $155,000 ($5,000 increase)

415 DC Limit                                  $69,000 ($3,000 increase)

DB Annual Benefit Limit                 $275,000 ($10,000 increase)

Social Security Wage Base            $160,200 ($13,200 increase)

IRA Contribution Limit                   $7,000 ($500 increase)

Key Employee Definition                $220,000 ($5,000 increase)