US. IRS announces retirement plan contribution limits for 2024
The Internal Revenue Service has announced the dollar limitations for retirement plans for the 2024 tax year.
The 403(b) & 457(b) contribution limits have increased from $22,500 to $23,000 with an age 50 catch-up contribution of $7,500, which remains unchanged.
Employees wanting to enroll into a Supplemental Retirement Account or make changes to an existing account should complete the electronic Salary Reduction Agreement.
The deadline to submit SRA changes or new account enrollments to begin on the first pay in 2024 (Jan. 12) is 5 p.m. Tuesday, Dec. 13.
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