The IRS recently issued the retirement plan limits for the 2024 year as detailed in the chart linked to below. Most limits related to retirement plans will be slightly increased. For example, the individual deferral limit for 401(k) and 403(b) plans will increase from $22,500 to $23,000. Maximum compensation for purposes of determining annual accruals will rise from $330,000 to $345,000. And the limit for total defined contribution plan annual accruals will increase from $66,000 to $69,000.
IRS Announces 2024 Cost of Living Adjustments for Retirement Plans
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