Annual Limits on Qualified Plans for 2024

By Lisa Rippey

On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75, which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The IRS also announced the health savings account (HSA) and high deductible health plan (HDHP) annual deductible and out-of-pocket expense adjustments earlier this year in Revenue Procedure 2023-23 and the health flexible spending arrangement (Medical FSA) adjustments in Revenue Procedure 2023-34. Finally, the Social Security Administration announced its cost-of-living adjustments for 2024 on October 12, 2023, which includes a change to the taxable wage base.

The following chart summarizes the 2024 limits for benefit plans. The 2023 limits are provided for reference.




Elective Deferral Limit 401(k), 403(b), 457(b)



Catch-up Limit (age 50+)



Defined Benefit Limit



Defined Contribution Limit



Dollar Limit – Highly Compensated Employees



Officer – Key Employee



Annual Compensation Limit



SEP Eligibility Compensation Limit



SIMPLE Deferral Limit



SIMPLE Catch-up Limit (age 50+)



Social Security Taxable Wage Base



ESOP 5 Year Distribution Extension Account Minimum



Additional Amount for 1-Year Extension



HSA (Self/Family) Maximum Annual Contribution



HDHP (Self/Family) Minimum Deductible Limits



Out-of-pocket Expense Annual Maximum



Medical FSA



Maximum Medical FSA Carryover to Next Plan Year



For more information on the 2024 cost-of-living adjustments, please contact Samuel Butler, Lisa Rippey or the Stinson LLP contact with whom you regularly work.


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