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Annual Plan Limits

  2024 2023 2022 2021 2020
Compensation $345,000 $330,000 $305,000 $290,000 $285,000
Limits on benefits and contributions:
  Defined contribution plans $69,000 $66,000 $61,000 $58,000 $57,000
  Defined benefit plans $275,000 $265,000 $245,000 $230,000 $230,000
  401(k), 403(b) and 457 plan elective deferrals $23,000 $22,500 $20,000 $19,500 $19,500
  SIMPLE plan elective deferrals $16,000 $15,500 $14,000 $13,500 $13,500
  IRA $7,000 $6,500 $6,000 $6,000 $6,000
Catch-up contributions:
  401(k), 403(b) and 457 plans $7,500 $7,500 $6,500 $6,500 $6,500
  SIMPLE plans $3,500 $3,500 $3,000 $3,000 $3,000
  IRA $1,000 $1,000 $1,000 $1,000 $1,000
"Highly Compensated" definition $155,000 $150,000 $135,000 $130,000 $130,000
"Key Employee" definition:
  Officer $220,000 $215,000 $200,000 $185,000 $185,000
  1% owner $150,000 $150,000 $150,000 $150,000 $150,000
Social Security:
  Taxable wage base $168,600 $160,200 $147,000 $142,800 $137,700
  Social Security tax rate 6.20% 6.20% 6.20% 6.20% 6.20%
  Medicare tax rate 1.45% 1.45% 1.45% 1.45% 1.45%
  Combined tax rate 7.65% 7.65% 7.65% 7.65% 7.65%

North American Pension Services, LLC
2542 South Rochester Road
Rochester Hills, MI 48307-3817 USA
Phone: (248) 723-4220
Fax: (248) 723-4224



Copyright 1999-2024 North American Pensions Services, LLC
All Rights Reserved.



North American
Pension Services, LLC
2542 South Rochester Road
Rochester Hills, MI
48307-3817 USA
Phone: (248) 723-4220
Fax: (248) 723-4224
[email protected]



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