Bring me a Higher Limit…2024 IRS Limits Announced
by Lyn Domenick
The IRS has announced the 2024 cost of living adjustments to qualified plan limits. Below are the highlights, and our full historical chart can be found here for easy reference.
| 2024 | 2023 | 2022 | |
| Annual Compensation | 345,000 | 330,000 | 305,000 |
| Elective Deferrals | 23,000 | 22,500 | 20,500 |
| Catch-up Contributions | 7,500 | 7,500 | 6,500 |
| Defined Contribution Limit | 69,000 | 66,000 | 61,000 |
| ESOP Distribution Limits | 1,380,000 275,000 |
1,330,000 265,000 |
1,230,000 245,000 |
| Defined Benefit Limit | 275,000 | 265,000 | 245,000 |
| HCE Threshold | 155,000 | 150,000 | 135,000 |
| Key Employee | 220,000 | 215,000 | 200,000 |
| 457 Elective Deferrals | 23,000 | 22,500 | 20,500 |
| Taxable Wage Base | 168,600 | 160,200 | 147,000 |