Benefits Alert - November 2023

Edward Wodarczyk
Tucker Arensberg, P.C.
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Tucker Arensberg, P.C.

IRS and SSA Announce 2024 Indexed Numbers

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2024.

  2023 2024
Compensation Limit $330,000 $335,000
Highly Compensated Employee 150,000 155,000
401(k), 403(b), 457(b) Deferral Limit                             22,500 23,000
Age 50 Additional Catch-Up Limit  7,500 7,500
Defined Contribution Plan Limit   66,000 69,000
Defined Benefit Plan Limit                                           265,000 275,000
Social Security Wage Base                                         160,200 168,600
HSA Individual Contribution Limit                                    3,850 4,150
HSA Family Contribution Limit                                        7,750 8,300
Health FSA Limit                                                             3,050 {TBD}
See the IRS website for more details regarding cost-of-living increases    
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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