Contribution Limits 2023 – 2024

Calendar Year

2023

2024

Employee Salary Deferral Limit to 401(k) Plans
Employee Catch-up Elective Contributions

$22,500
$7,500

$23,000
$7,500

Employee Salary Deferral Limit to 403(b) Plans
Employee Catch-up Elective Contributions

$22,500
$7,500

$23,000
$7,500

Employee Salary Deferral Limit to SIMPLE 401(k) Plans
Employee Catch-up Elective Contributions

$15,500
$3,500

$16,000
$3,500

Defined Contribution Maximum Annual Addition (IRC § 415 (c))

$66,000

$69,000

Definition of Highly Compensated Employees:
Employee Compensation Exceeding (Prior Year) An employee owning more than (current and prior year)	$150,000 5%	$155,000 5%

Definition of Key Employees:
Officers Earning in Excess of A more than 1% Owner Earning in Excess of An employee owning more than	$215,000 $150,000 5%	$220,000 $150,000 5%

FICA Taxable Wage Base

$160,200

$168,600

Maximum Compensation Limit

$330,000

$345,000

Employer’s Deductible Contributions

25%