The Internal Revenue Service announced today that it is raising the contribution limit for employees participating in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plans to $17,500 from $17,000.
The catch-up contribution limit for employees aged 50 and over who participate in those same plans remains the same at $5,500.
The IRS is changing some of the limits for retirement plans because the cost-of-living index met the statutory thresholds that trigger their adjustment.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
