by NBS
on October 20, 2017
| Code Section | Explanation | 2023 | 2024 |
|---|---|---|---|
| 402(g)(1) Elective Deferrals | Maximum amount employees can contribute to a 401(k) or 403(b) Plan | $22,500 | $23,000 |
| 414(q)(1)(B) Highly Compensated Employee Threshold | Compensation amount used to determine Highly Compensated Employees (Lookback year) | $150,000 | $150,000 |
| 414(v)(2)(B)(i) Catch-up Contributions | Additional amount those over age 50 can contribute to a 401(k) or 403(b) plan | $7,500 | $7,500 |
| 415(c)(1)(A) Defined Contribution Limits | Annual limit on all contributions (employee and employer) for 401(k) and 403(b) plans | $66,000 | $69,000 |
| 457(b)(2) and 457(c)(1) Limits | Maximum amount an employee and/or employer can contribute to a 457 Plan | $22,500 | $23,000 |
| Annual Compensation Limit | Maximum Compensation for Qualified Plan Purposes | $330,000 | $330,000 |
| Taxable Wage Base | Social Security wage base | $160,200 | $160,200 |
