2024 Retirement Plan Contribution Limits

IRS defined contribution limits apply to the total contributions (pre-tax and/or after-tax) to a single plan type by both an employer and employee. Rollover contributions are exempt from the annual limits.

20242023
457(b) Deferred Compensation Limits
Regular Salary Deferral Limit (under age 50)$23,000$22,500
Age 50 Catch-up Contribution$7,500$7,500
"Special" 457(b) Catch-up Contribution Limit*$46,000$45,000
401(a) Defined Contribution Plan Limit$69,000$66,000
401(a) Defined Contribution Compensation Limit$345,000$330,000
Social Security Taxable Wage Base$168,600$160,200

Consult your tax advisor for guidance on how these and other limits apply to your specific situation
*The Special 457(b) catch-up contribution may allow a plan participant to contribute up to twice the Regular Deferral Limit each year for the 3 years prior to your declared normal retirement age (as specified in the plan).
The 457(b) Special catch-up contribution and the Age 50+ catch-up contribution cannot both be used in the same year.

This material has been prepared for informational and educational purposes only and is not intended to provide investment, legal, or tax advice. Please consult your tax advisor for guidance on how these limits apply to your personal tax situation.

Colorado Retirement Association is not an investment advisor and does not make any representations nor guarantees as to the future performance, risk, or return of funds. This plan and its self-direction provisions are intended to constitute a plan similar to that described in section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section 2550.404c-1. The fiduciaries of this plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by the employee.

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