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Every year, the Internal Revenue Service reviews the dollar limitations for retirement plans and other similar items and announces cost of living adjustments.
The table below provides key limits for 2024 and 2023:
Item |
2024 |
2023 |
401(k)/403(b) Elective Deferrals |
$23,000 |
$22,500 |
Catch-Up Contributions |
$7,500 |
$7,500 |
Annual Compensation Limit |
$345,000 |
$330,000 |
Annual Contribution Limit |
$69,000 |
$66,000 |
Annual Benefit Limit |
$275,000 |
$265,000 |
Highly Compensated Employee |
$155,000 |
$150,000 |
Social Security Wage Base |
$168,600 |
$160,200 |
For more information as well as the complete IRS announcement:
If you have questions, please contact your PNC representative.
The material presented herein is of a general nature and does not constitute the provision by PNC of investment, legal, tax, or accounting advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy. The PNC Financial Services Group, Inc. (“PNC”) provides investment consulting and wealth management, fiduciary services, FDIC-insured banking products and services, and lending of funds to individual clients through PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and provides specific fiduciary and agency services to individual clients through PNC Delaware Trust Company or PNC Ohio Trust Company. PNC provides various discretionary and nondiscretionary investment, trustee, custody, consulting, and related services to institutional clients through PNC Bank, and investment management activities conducted by PNC Capital Advisors, LLC, an SEC-registered investment adviser and wholly-owned subsidiary of PNC Bank. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act. “PNC” is a registered mark of The PNC Financial Services Group, Inc. Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value. |
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