Uniglobal can help you and your organization prepare for what's next.
On November 1, 2023, the IRS released the upcoming cost of living adjustments (COLA) for various retirement plan limitations that will take effect on January 1, 2024. Full COLA limits are reported by the IRS in IRS Notice 2023-75.
2024 welcomes increases across the board for most all plan-specific dollar limitations.
What's Not Increased?
2024 IRS Select COLA Limits Summary Chart
|Plan Section Limit||2024||2023||2022|
|Maximum Defined Contribution Annual Additions||$69,000||$66,000||$61,000|
|Salary Deferral 401(k)/403(b) Limit||$23,000||$22,500||$20,500|
|Maximum Compensation for Retirement Plan Purposes||$345,000||$330,000||$305,000|
|HCE Compensation Limit||$155,000||$150,000||$135,000|
|Key Employee Officer||$220,000||$215,000||$200,000|
|Social Security Taxable Wage Base||$168,600||$160,200||$147,000|
Check out our full Contribution Limit page for all the COLA limits plus historical limits.
Learn more about these increases and how they impact your retirement plan by contacting Uniglobal and your Uniglobal consultant.
Additional information on limit changes for 2024 can be found in the IRS Retirement Topics page. The IRS page 401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000 expands on the highlights in this post. The IRS also provides a tool if you’d like to get a Retirement Savings Check-Up.