Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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IRS Releases 401(k) and Pension Plan Limitations for 2024
Nov 2, 2023, 05:00
by
Ashley Schmidt
The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for 401(k), pension plans and other retirement-related items for tax year 2024 in Notice 2023-75.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $23,000 in 2024, up from $22,500 in 2023.
The limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) is increased from $265,000 to $275,000.
The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2023 from $66,000 to $69,000.