On November 1, 2023 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year.
All of the above are plan year limits (i.e., for the plan year which begins in 2024), with the exception of the Code Section 401(k) and Code Section 403(b) elective deferral limit, which is a calendar year limitation.
In addition, the Department of Health and Human Services has set the maximum taxable wages for the OASDI portion of the social security tax at $168,600 for 2024, which is an increase from the 2023 limit of $160,200.
