IRS Raises Retirement Plan Contribution Limits for 2024
Increase your retirement savings with the IRS’ new 2024 contribution limits.
The following changes are effective Jan. 1, 2024:
- 457(b) and 401(k) Plans: The annual elective deferral limit will increase to $23,000, up from $22,500 in 2023.
- 457 contribution limits apply to all 457 plans you participate in, including contributions made to VRS Hybrid 457 Deferred Compensation Plans.
- 401(a) Plans: The annual additions limit will increase to $69,000, up from $66,000 in 2023.
- Traditional and Roth IRAs: Annual contribution limits will increase to $7,000, up from $6,500 in 2023.
New 2024 Contribution Limits: Effective Jan. 1 | 457 Plan Feature | 2023 Contribution Limit | City’s Voluntary 457 Deferred Compensation and Roth 457 | $22,500 | “Pre-Retirement” Catch-Up Limit | $22,500 ($45,000 total) | “Age 50” Catch-Up Limit | $7,500 ($30,000 total) | IRA Plan Feature | 2023 Contribution Limit | Maximum Annual Addition | $6,500 | “Age 50” Catch-Up Limit | $1,000 ($7,500 total) |
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Visit the IRS website for detailed information.
Questions? Contact your MissionSquare Retirement Plans Specialist, Mackenzie Moss, at mmoss@missionsq.org.