Lexology November 9, 2023
The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan and welfare plan limitations effective January 1, 2024. For ease of reference and comparison to prior years, we have placed the adjusted limitations in the table below. For more information, refer to IRS Notice 2023-75, Rev. Proc. 2023-23, Rev. Proc. 2023-34, and the Social Security Administration’s 2024 Cost-of-Living Adjustment Fact Sheet.
Type of Limitation | 2024 | 2023 | 2022 | 2021 | 2020 |
Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1)) | $23,000 | $22,500 | $20,500 | $19,500 | $19,500 |
Section 414(v) Catch-Up Deferrals to 401(k),... |
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