The IRS has announced the new 2024 contributions limits.
These limits are extremely important to ensure your plan is compliant with IRS regulations.
The employee contribution limits for employees participating in 401(k), 403(b), and most 457 plans will be increasing to $23,000 in 2024. The catch-up contribution limit, which is only available for participants over the age of 50, will be $7,500 in 2024. The employee contribution limit total for a participant over the age of 50 is, $30,500. The total contribution limit for employee and employer contributions is $69,000.
For more information click below for the IRS announcement.
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