| LIMITATION TYPE | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) | $23,000 | $22,500 | $20,500 | $19,500 |
| 457(b)(2) and 457(c)(1) Limits (not including catch-ups) | $23,000 | $22,500 | $20,500 | $19,500 |
| Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans 4 | $7,500 | $7,500 | $6,500 | $6,500 |
| Defined Benefit Plans | $275,000 | $265,000 | $245,000 | $230,000 |
| Defined Contribution Plans (annual additions limit) | $69,000 | $66,000 | $61,000 | $58,000 |
| Annual Compensation Limit | $345,000 | $330,000 | $305,000 | $290,000 |
| Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 | $505,000 | $490,000 | $450,000 | $425,000 |
| Highly Compensated Employee (“HCEs”) | $155,000 | $150,000 | $135,000 | $130,000 |
| Key Employee/Officer | $220,000 | $215,000 | $200,000 | $185,000 |
| Individual Retirement Accounts (“IRAs”), for individuals 49 and below | $7,000 | $6,500 | $6,000 | $6,000 |
| Individual Retirement Accounts (“IRAs”), for individuals 50 and above | $8,000 | $7,500 | $7,000 | $7,000 |
| SIMPLE Retirement Accounts | $16,000 | $15,500 | $14,000 | $13,500 |
| SEP Coverage | $750 | $750 | $650 | $600 |
| SEP Compensation | $345,000 | $330,000 | $305,000 | $290,000 |
| Tax Credit ESOP Maximum 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 |
| Maximum Amount for Qualified Longevity Annuity Contract Purchases | $200,000 | $155,000 | $145,000 | $135,000 |
| Income Subject to Social Security Tax | $168,600 | $160,200 | $147,000 | $142,800 |
| FICA Tax for employers | 7.65% | 7.65% | 7.65% | 7.65% |
| FICA Tax for employees | 7.65% | 7.65% | 7.65% | 7.65% |
| Social Security Tax for employers | 6.2% | 6.2% | 6.2% | 6.2% |
| Social Security Tax for employees | 6.2% | 6.2% | 6.2% | 6.2% |
| Medicare Tax for employees and employers | 1.45% | 1.45% | 1.45% | 1.45% |
| SECA Tax for self-employed workers | 15.3% | 15.3% | 15.3% | 15.3% |
| Social Security Tax for self-employed workers | 12.4% | 12.4% | 12.4% | 12.4% |
| Medicare Tax for self-employed workers | 2.9% | 2.9% | 2.9% | 2.9% |
