Compensation & Contribution Limits
| 401(k) Plan Limits for Year | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
|
401(k) Elective Deferrals |
$23,000 |
$22,500 |
$20,500 |
$19,500 |
|
Annual Defined Contribution Limit |
$69,000 |
$66,000 |
$61,000 |
$58,000 |
|
Annual Compensation Limit |
$335,000 |
$330,000 |
$305,000 |
$290,000 |
|
Catch-Up Contribution Limit |
$7,500 |
$7,500 |
$6,500 |
$6,500 |
|
Highly Compensated Employees |
$155,000 |
$155,000 |
$135,000 |
$130,000 |
| Non-401(k) Related Limits | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
|
Defined Benefit 415 Limit |
$275,000 |
$265,000 |
$245,000 |
$230,000 |
|
403(b)/457 Elective Deferrals |
$23,000 |
$22,500 |
$20,500 |
$19,500 |
|
SIMPLE Employee Deferrals |
$16,000 |
$15,500 |
$14,000 |
$13,500 |
|
SIMPLE Catch-Up Deferral |
$3,500 |
$3,500 |
$3,000 |
$3,000 |
|
SEP Minimum Compensation |
$750 |
$750 |
$650 |
$650 |
|
SEP Annual Compensation Limit |
$345,000 |
$330,000 |
$305,000 |
$290,000 |
|
Social Security Wage Base |
$168,600 |
$160,200 |
$147,000 |
$142,800 |
