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ARTICLE · 08 NOVEMBER 2023

2024 Will See Modest COLAs For Qualified Retirement Plans

Ogletree, Deakins, Nash, Smoak & Stewart
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On November 1, 2023, the 2024 calendar year cost-of-living adjustments to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice 2023-75.

United StatesEmployment and HR
Catherine R. Reese
Catherine R. Reese
Matthew Hoffman
Matthew Hoffman
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On November 1, 2023, the 2024 calendar year cost-of-living adjustments to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice 2023-75.

Quick Hits

  • The elective deferral limit for 401(k) and 403(b) plans will increase to $23,000 for 2024, but the catch-up contribution limit remains at $7,500.
  • The annual contribution limit for defined contribution plans (including deferrals and employer contributions) will increase to $69,000 for 2024.
  • The limitation on compensation that can be taken into account under tax-qualified retirement plans will increase to $345,000 for 2024.

The 2024 adjustments, also known as COLAs, were modest compared to those made for 2023. Annual elective deferral limits will increase by only $500 and there is no increase for catch-up contributions. The increases shown below are effective January 1, 2024.

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