Retirement Plan Limits
Retirement Plan Limits for 2024 and Earlier
Adobe Acrobat PDF version of limits
| Limit and IRC Section | 2024 | 2023 | 2022 | 2021 | 2020 |
| Defined Benefit Plan Dollar Limit
IRC §415(b)(1)(A) |
$275,000 | $265,000 | $245,000 | $230,000 | $230,000 |
| Defined Contribution Plan Limit
IRC §415(c)(1)(A) |
$69,000 | $66,000 | $61,000 | $58,000 | $57,000 |
| 401(k)/403(b) Elective Deferral Limit
IRC §402(g)(1) |
$23,000 | $22,500 | $20,500 | $19,500 | $19,500 |
| Governments/Tax-Exempts Deferral Limit
IRC §457(e)(15) |
$23,000 | $22,500 | $20,500 | $19,500 | $19,500 |
| 401(k)/403(b)/457/SARSEP “Catch Up” Limit
IRC §414(v)(2)(B)(i) |
$7,500 | $7,500 | $6,500 | $6,500 | $6,500 |
| Annual Compensation Limit
IRC §§401(a)(17), 404(l) |
$345,000 | $330,000 | $305,000 | $290,000 | $285,000 |
| Highly Compensated Employee (HCE) Limit
IRC §414(q)(1)(B) (Compensation exceeding limit will make someone an HCE next year.) |
$155,000 | $150,000 | $135,000 | $130,000 | $130,000 |
| Key Employee Officer Compensation
IRC §416(i)(1)(A)(i) |
$220,000 | $215,000 | $200,000 | $185,000 | $185,000 |
| SEP Minimum Compensation
IRC §408(k)(2)(C) |
$750 | $750 | $650 | $650 | $600 |
| SEP Compensation
IRC §408(k)(3)(C) |
$345,000 | $330,000 | $305,000 | $290,000 | $285,000 |
| SIMPLE Employee Contribution Limit
IRC §408(p)(2)(E) |
$16,000 | $15,500 | $14,000 | $13,500 | $13,500 |
| SIMPLE “Catch Up” Deferral Limit
IRC §414(v)(2)(B)(ii) |
$3,500 | $3,500 | $3,000 | $3,000 | $3,000 |
