Annual Benefit & Limits

Type of Limitation

     2024

    2023

    2022

    2021

401(k) Elective Deferrals $23,000 $22,500

$20,500

$19,500
Catch up amount $7,500 $7,500 $6,500 $6,500
²Defined Benefit Plans $275,000 $265,000 $245,000 $230,000
²Defined Contribution Plans $69,000  $66,000 $61,000 $58,000
Annual Compensation Limit $345,000

$330,000

$305,000 $290,000
457(b)(2) and 
457(c )(1) Limits
$23,000 $22,500 $20,500 $19,500
Highly Compensated* 
($80,000 index)
$155,000 $150,000  $135,000 $130,000
SIMPLE Plans $16,000  $15,500 $14,000 $13,500
SIMPLE Plan 
catch up amount
$3,500 $3,500 $3,000 $3,000
SEP Coverage $750 $650 $650 $650
SEP Compensation $345,000 $330,000 $305,000 $290,000
Key employee officer threshold $220,000 $215,000 $200,000 $185,000
Income Subject to 
Social Security Tax
$168,600 $160,200 $147,000 $142,800
Tax Credit ESOP 
Threshold Balance
$1,380,000   $1,330,000   $1,230,000  $1,165,000  
Amount for Lengthening 
of 5-Year ESOP Period   
$275,000 $265,000  $245,000  $230,000

 

*Effective for limitation years ending in calendar year