2024 Cost of Living Adjustments (COLA) and Retirement Plan Limits

403(b) Limit, Including 15 Years of Service Catch-up
The maximum available 402(g) elective deferral limit plus the special catch-up election for employees participating in a 403(b) tax deferred annuity who have had at least 15 years of service with an educational organization, hospital, home health agency, health and welfare service agency, church or convention or association of churches.

Note: The additional 403(b) special catch-up of up to $3,000 per year cannot exceed cumulatively $15,000 over the lifetime of the 403(b) participant.

Special 457 Catch-up Limit
The special catch-up election for employees participating in an eligible 457 deferred compensation plan who have elected the special catch-up available in the three years prior to the year of normal retirement age. The annual additional amount available under a Special 457 Catch-up for an eligible participant is the lesser of (1) twice the current deferral limit, or (2) the sum of the current deferral limit plus the underutilized amount from prior years.

Note: The participant in a governmental 457(b) plan may make catch-up contributions in a year equal to the greater of (1) the amount permitted under the Age 50+ Catch-up, or (2) the amount permitted under the Special 457 Catch-up.

Age 50+ Catch-up Limits (401(k), 403(b), and Governmental 457(b) Plans)
The special catch-up available under IRC Section 414(v) for individuals at least 50 years old in 2024 and make eligible pre-tax (and/or designated Roth) contributions to 401(k), 403(b), and governmental 457 plans.

Important note with respect to participants who reached a threshold of 3121(a) wages in the prior year (2023) by the employer sponsoring a 401(k), 403(b), or governmental 457(b) plan (the “Wage Threshold”): SECURE 2.0 requires that Age 50+ catch-ups made by participants that have met the Wage Threshold can be made only as Roth contributions in the current year. The IRS announced that it will delay the enforcement of this requirement for Age 50+ contributions made prior to 2026.

$7,500

$7,500

IRA Annual Contribution Limit
Total annual contributions may be made by individual, aggregating all traditional and Roth IRAs they own.

Note: Federal individual income tax filing status and adjusted gross income determine the deductibility of annual contributions to a traditional IRA and eligibility to contribute to a Roth IRA.

$7,000

$6,500

Compensation Limit
The annual limit of compensation that may be taken into account for contribution purposes in accordance with IRC Section 401(a)(17).

The annual limit of compensation that may be taken into account for contribution purposes in accordance with IRC Section 401(a)(17) (certain governmental plan participants who first became participants in that governmental plan before the 1996 plan year).

$345,000

$505,000

$330,000

$490,000

$76,500 (joint)

$38,250 (single)

$57,375 (head of household)

$73,000 (joint)

$36,500 (single)

$54,750 (head of household)

SIMPLE Retirement Accounts
Annual contribution limit for employee deferrals to a SIMPLE retirement plan described in IRC Section 408(p)(2) or 401(k)(11).

The special catch-up is available for individuals who are at least 50 years old in 2024 and make eligible pre-tax contributions to a SIMPLE plan described in IRC Section 408(p)(2) or 401(k)(11).

$16,000

$3,500

$15,500

$3,500

Compensation for SEPs
Compensation taken into account to determine eligibility for simplified employee pensions (SEPs).