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November 1, 2023
Employee Benefits Legal Update

2024 IRS Limits Announced

The IRS has announced the 2024 cost of living adjustments to qualified plan limits. Below are the highlights, and our full historical chart can be found here for easy reference.

2024 2023 2022
Annual Compensation 345,000 330,000 305,000
Elective Deferrals 23,000 22,500 20,500
Catch-up Contributions 7,500 7,500 6,500
Defined Contribution Limit 69,000 66,000 61,000
ESOP Distribution Limits 1,380,000
Defined Benefit Limit 275,000 265,000 245,000
HCE Threshold 155,000 150,000 135,000
Key Employee 220,000 215,000 200,000
457 Elective Deferrals 23,000 22,500 20,500
Taxable Wage Base 168,600 160,200 147,000

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