Compensation Limit For 401k 2024. The normal contribution limit for elective deferrals to a 457 deferred compensation plan is increased to $23,000 in 2024. This limit includes all elective employee salary deferrals and any contributions made to a designated roth.
Recent legislation passed by congress includes several provisions that enhance the ability of workers to increase their retirement savings. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you’re 50 or older).
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