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)