New IRS Retirement Plan Limits Announced

By: Nino Bondi, CPA, Partner

The IRS recently released updated Pension Plan Limitations for the 2024 Plan Year. Follow this link to get a summary of the new limitations, including the limits set during the past four years. Important changes to highlight for the 2024 Plan Year are as follows:

Defined Contribution Plans:

For participants who will be age 49 or less during 2024

For participants who will attain age 50 or older during 2024

For all participants during 2024:

For all 401(k) plans please be sure all Plan participants receive notification of the new limits in advance of the 2024 Plan Year, which will allow them time to adjust 401(k) deferral elections for the 2024 plan year, if necessary.

2024 IRS Pension Plan Limitations
2024 IRS Pension Plan Limitations

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