PENSION
PLAN LIMITS
untitled
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups)
|
$23,000
|
$22,500
|
$20,500
|
$19,500
|
$19,500
|
$19,000
|
457(b)(2) and 457(c)(1) Limits (not including catch-ups)
|
$23,000
|
$22,500
|
$20,500
|
$19,500
|
$19,500
|
$19,000
|
Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans
|
$7,500
|
$7,500
|
$6,500
|
$6,500
|
$6,500
|
$6,000
|
Defined Benefit Plans
|
$275,000
|
$265,000
|
$245,000
|
$230,000
|
$230,000
|
$225,000
|
Defined Contribution Plans (annual additions limit)
|
$69,000
|
$66,000
|
$61,000
|
$58,000
|
$57,000
|
$56,000
|
Annual Compensation Limit
|
$345,000
|
$330,000
|
$305,000
|
$290,000
|
$285,000
|
$280,000
|
Annual Compensation Limit for Grandfathered Participants in Governmental Plans
|
$505,000
|
$490,000
|
$450,000
|
$430,000
|
$425,000
|
$415,000
|
Highly Compensated Employee (“HCEs”)
|
$155,000
|
$150,000
|
$135,000
|
$130,000
|
$130,000
|
$125,000
|
Key Employee/Officer
|
$220,000
|
$215,000
|
$200,000
|
$185,000
|
$185,000
|
$180,000
|
Individual Retirement Accounts (“IRAs”), for individuals 49 and below
|
$7,000
|
$6,500
|
$6,000
|
$6,000
|
$6,000
|
$6,000
|
Individual Retirement Accounts (“IRAs”), for individuals 50 and above
|
$8,000
|
$7,500
|
$7,000
|
$7,000
|
$7,000
|
$7,000
|
SIMPLE Retirement Accounts
|
$16,000
|
$15,500
|
$14,000
|
$13,500
|
$13,500
|
$13,000
|
SEP Coverage
|
$750
|
$750
|
$650
|
$650
|
$600
|
$600
|
SEP Compensation
|
$345,000
|
$330,000
|
$305,000
|
$290,000
|
$285,000
|
$280,000
|
Tax Credit ESOP Maximum Balance
|
$1,380,000
|
$1,330,000
|
$1,230,000
|
$1,165,000
|
$1,150,000
|
$1,130,000
|
Amount for Lengthening of 5-Year ESOP Period
|
$275,000
|
$265,000
|
$245,000
|
$230,000
|
$230,000
|
$225,000
|
Maximum Amount for Qualified Longevity Annuity Contract Purchases
|
$200,000
|
$155,000
|
$145,000
|
$135,000
|
$135,000
|
$130,000
|
Income Subject to Social Security Tax
|
$168,600
|
$160,200
|
$147,000
|
$142,800
|
$137,700
|
$132,900
|
FICA Tax for employers
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
FICA Tax for employees
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
Social Security Tax for employers
|
6.2%
|
6.2%
|
6.2%
|
6.2%
|
6.2%
|
6.2%
|
Social Security Tax for employees
|
6.2%
|
6.2%
|
6.2%
|
6.2%
|
6.2%
|
6.2%
|
Medicare Tax for employees and employers
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
SECA Tax for self-employed workers
|
15.3%
|
15.3%
|
15.3%
|
15.3%
|
15.3%
|
15.3%
|
Social Security Tax for self-employed workers
|
12.4%
|
12.4%
|
12.4%
|
12.4%
|
12.4%
|
12.4%
|
Medicare Tax for self-employed workers
|
2.9%
|
2.9%
|
2.9%
|
2.9%
|
2.9%
|
2.9%
|
|
|