The Internal Revenue Service has released 2024 cost-of-living and statutory increases for employer-sponsored qualified retirement plans, SIMPLEs, SEPs, IRAs, HSAs and FSAs:
| Maximum 401(k) deferral (under age 50) |
$23,000 |
| Maximum 401(k) deferral including catch-up 401(k) contribution (age 50 or older) |
$30,500 |
| Profit Sharing 401(k) Plan Contribution Limit – including 401(k) deferrals (under age 50) |
$69,000 |
| Profit Sharing 401(k) Plan Contribution Limit – including 401(k) deferrals (age 50 or older) |
$76,500 |
| Profit Sharing Plan Contribution Limit (also applies to Money Purchase and Target Benefit Plans) |
$69,000 |
| Maximum compensation for determining contributions |
$345,000 |
| Social Security Taxable Wage Base |
$168,600 |
| Maximum SIMPLE deferrals (under age 50) |
$16,000 |
| Maximum SIMPLE deferrals - including catch-up SIMPLE deferrals (age 50 or older) |
$19,500 |
| SEP Contribution Limit - lesser of 25% of compensation or |
$69,000 |
| Maximum IRA contribution |
$7,000 |
| Maximum IRA catch-up contribution (age 50 or older) |
$8,000 |
| Maximum HSA contribution for individual coverage |
$4,150 |
| Maximum HSA contribution for individual coverage (age 55 or older) |
$5,150 |
| Maximum HSA contribution for family coverage |
$8,300 |
| Maximum HSA contribution for family coverage (age 55 or older) |
$9,300 |
| Maximum FSA (Flexible Spending Account and/or Cafeteria Plan Healthcare Reimbursement feature) contribution |
$3,200 |
Please note, Department of Labor regulations require that any retirement plan deductions from payroll such as 401(k) deferrals, SIMPLE deferrals, SARSEP deferrals, and loan payments must be deposited into the retirement plan no later than the 7th business day following the day on which such amount would otherwise have been payable to the employee in cash. Please ensure your deposit procedures comply with all current regulations.
