Increase your retirement savings with the IRS’ new 2024 contribution limits.
Changes for 2024 are below:
- 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.
- Roth IRA (Post Tax): 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 | New 2024 Contribution Limit |
City’s Voluntary 457 Deferred Compensation and Roth 457 | $22,500 | $23,000 |
“Pre-Retirement” Catch-Up Limit | $22,500 ($45,000 total) | $23,000 ($46,000 total) |
“Age 50” Catch-Up Limit | $7,500 ($30,000 total) | $7,500 ($30,500 total) |
Roth IRA (Post Tax) Plan Feature | 2023 Contribution Limit | New 2024 Contribution Limit |
Maximum Annual Addition | $6,500 | $7,000 |
“Age 50” Catch-Up Limit | $1,000 ($7,500 total) | $1,000 ($8,000 total) |
Visit the IRS website for detailed information.
Questions? Contact your MissionSquare Retirement Plans Specialist, Mackenzie Moss, at mmoss@missionsq.org.