Retirement
Plan Limits

Retirement Plan Limits

LimitPro-Rate for Short Year*20242023202220212020
Annual CompensationYes$345,000$330,000$305,000$290,000$285,000
Minimum Compensation: SEPNo$750$700$650$650$600
Elective Deferrals: 401(k)No$23,000$22,500$20,500$19,500$19,500
Elective Deferrals: SIMPLENo$16,000$15,500$14,000$13,500$13,500
Elective Deferrals: 457No$23,000$22,500$20,500$19,500$19,500
Catch-Up Contributions: 401(k)No$7,500$7,500$6,500$6,500$6,500
Catch-Up Contributions: SIMPLENo$3,500$3,500$3,000$3,000$3,000
415 Limit: Defined Benefit PlansYes$275,000$265,000$245,000$230,000$230,000
415 Limit: Defined Contribution PlansYes$69,000$66,000$61,000$58,000$57,000
Social Security Wage BaseYes$168,600$160,200$147,000$142,800$137,700

Testing Limits

LimitPro-Rate for Short Year*20242023202220212020
HCE Determination: CompensationNo$155,000$150,000$135,000$130,000$130,000
Key Employee: Officer CompensationNo$220,000$215,000$200,000$185,000$185,000
Key Employee: 1% Owner CompensationNo$150,000$150,000$150,000$150,000$150,000