Retirement
Plan Limits

Retirement Plan Limits

LimitPro-Rate for Short Year*20252024202320222021
Annual CompensationYes$350,000$345,000$330,000$305,000$290,000
Minimum Compensation: SEPNo$750$750$700$650$650
Elective Deferrals: 401(k)No$23,500$23,000$22,500$20,500$19,500
Elective Deferrals: SIMPLENo$16,500$16,000$15,500$14,000$13,500
Elective Deferrals: 457No$23,500$23,000$22,500$20,500$19,500
Catch-Up Contributions: 401(k)No$7,500$7,500$7,500$6,500$6,500
Catch-Up Contributions: 401(k) (Ages 60-63)No$11,250----
Catch-Up Contributions: SIMPLENo$3,500$3,500$3,500$3,000$3,000
Catch-Up Contributions: SIMPLE (Ages 60-63)No$5,250----
415 Limit: Defined Benefit PlansYes$280,000$275,000$265,000$245,000$230,000
415 Limit: Defined Contribution PlansYes$70,000$69,000$66,000$61,000$58,000
Social Security Wage BaseYes$176,100$168,600$160,200$147,000$142,800

Testing Limits

LimitPro-Rate for Short Year*20252024202320222021
HCE Determination: CompensationNo$160,000$155,000$150,000$135,000$130,000
Key Employee: Officer CompensationNo$230,000$220,000$215,000$200,000$185,000
Key Employee: 1% Owner CompensationNo$150,000$150,000$150,000$150,000$150,000