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 Updates Covered Compensation Tables for 2024
Dec 19, 2023, 06:00
by
Anne Newhouse
The Internal Revenue Service (IRS) has released Revenue Ruling 2024-01
which provides tables of covered compensation under Section
401(I)(5)(E) of the Internal Revenue Code for the 2024 plan year. The
tables are used to determine contributions to defined benefit plans and
permitted disparity.
For purposes of determining covered compensation for the 2024 year, the taxable wage base was revised to $168,600 (up from $160,200 in 2023).
For purposes of determining covered compensation for the 2024 year, the taxable wage base was revised to $168,600 (up from $160,200 in 2023).