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2024 Benefit Plan Limits & Thresholds Chart

December 11, 2023 | Kathryn Mayer

Download a printable PDF highlights version of this chart.

401 (k) Plan Limits

Defined Contribution Plans	2024	2023	Change
Maximum employee elective deferral (age 49 or younger) ¹	$23,000	$22,500	+$500
Employee catch-up contribution (age 50 or older by year-end) ²	$7,500	$7,500	No change
Maximum employee elective deferral plus catch-up contribution (age 50 or older)	$30,500	$30,000	+$500
Defined contribution maximum limit, employee + employer (age 49 or younger) ³	$69,000	$66,000	+$3,000
Defined contribution maximum limit (age 50 or older), all sources + catch-up	$76,500	$73,500	+$3,000
Employee compensation limit for calculating contributions	$345,000	$330,000	+$15,000
Key employees' compensation threshold for top-heavy plan testing ⁴	$220,000	$215,000	+$5,000
Highly compensated employees’ threshold for nondiscrimination testing ⁵	$155,000	$150,000	+$5,000

¹The $23,000 elective deferral limit is also known as the 402(g) limit, after the relevant tax code section. Participants' annual contributions may not exceed 100% of their compensation.

²The $7,500 catch-up contribution limit for participants age 50 or older applies from the start of the year for those turning 50 at any time during the year.

³Total contributions from all sources may not exceed 100% of a participant's compensation.

⁴Includes officers of the company sponsoring the plan.

⁵For the 2023 plan year, an employee who earned more than $150,000 in 2022 is an HCE.

Source: IRS Notice 2023-75.

View IRS Announces 401(k) Contribution Limit for 2024.

Defined Benefit Limits

Defined Benefit Plans	2024	2023	Change
Defined benefit plan annual benefit and accrual limit	$275,000	$265,000	+$10,000

Source: IRS Notice 2023-75.

View IRS Announces 401(k) Contribution Limit for 2024.

HSA and HDHP Limits

Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs)	2024	2023	Change
HSA contribution limit (employer + employee)	Self-only: $4,150 Family: $8,300	Self-only: $3,850 Family: $7,750	Self-only: +$300 Family: +$550
HSA catch-up contributions (age 55 or older)	$1,000	$1,000	No change (not indexed)
HDHP minimum deductibles	Self-only: $1,600 Family: $3,200	Self-only: $1,500 Family: $3,000	Self-only: +$100 Family: +$200
HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)	Self-only: $8,050 Family: $16,100	Self-only: $7,500 Family: $15,000	Self-only: +$550 Family: +$1,100

Source: IRS Revenue Procedure 2023-23.

View IRS Gives Big Boost to HSA, HDHP Limits in 2024.

Health FSA Limits

Health Care Flexible Spending Accounts (Health FSAs) and Limited-Scope (Vision/Dental) FSAs	2024	2023	Change
Maximum salary deferral	$3,200	$3,050	+$150
Maximum rollover amount	$640	$610	+$30

Source: IRS Revenue Procedure 2023-34.

View IRS Announces 2024 Health FSA Contribution Cap.

Dependent Care FSA Limits

Dependent Care FSAs (DC-FSAs) also called Dependent Care Assistance Plans (DCAPs)	2024	2023	Change
Maximum salary deferral (single taxpayers and married couples filing jointly)	$5,000	$5,000	No change (not indexed)
Maximum salary deferral (married couples filing separately)	$2,500	$2,500	No change (not indexed)

Source: IRS Revenue Procedure 2023-34.

View IRS Announces 2024 Health FSA Contribution Cap.

EBHRA Limits

Excepted-Benefit Health Reimbursement Arrangements (EBHRAs)	2024	2023	Change
Annual employer contribution for an excepted-benefit HRA	$2,100	$1,950	+$150

Source: IRS Revenue Procedure 2023-23.

QSEHRA Limits

Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)

2024

2023

Change

Maximum payments and reimbursements through the QSEHRA

Self-only: $6,150

Family: $12,450

Self-only: $5,850

Family: $11,800

Self-only: +$300

Family: +$650

Source: IRS Revenue Procedure 2023-34.

View IRS Announces 2024 Health FSA Contribution Cap.

Commuter Transit and Parking Limits

Qualified Transportation Benefit (monthly limits)	2024	2023	Change
Transit passes and van pool services (employer + employee)	$315	$300	+$15
Qualified parking	$315	$300	+$15

Source: IRS Revenue Procedure 2023-34.

View IRS Announces 2024 Health FSA Contribution Cap.

Adoption Assistance

Adoption Benefits (Annual limits)	2024	2023	Change
Maximum credit	$16,810	$15,950	+$860
Phase-out income thresholds:
Phase-out begins	$252,150	$239,230	+$12,920
Phase-out complete	$292,150	$279,230	+$12,920

Source: IRS Revenue Procedure 2023-34.

View IRS Announces 2024 Health FSA Contribution Cap.

Earnings Subject to Social Security Payroll Tax

Social Security (FICA) Payroll Tax	2024	2023	Change
Maximum earnings subject to Social Security 12.4% FICA payroll tax (6.2% paid by employer and 6.2% paid by employee)	$168,600	$160,200	+$8,400

Source: Social Security Administration.

View Smaller Rise in Social Security Benefits on Tap for 2024 .

Visit SHRM's resource page on Open Enrollment.

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2024 Benefit Plan Limits & Thresholds Chart

401 (k) Plan Limits

Defined Benefit Limits

HSA and HDHP Limits

Health FSA Limits

Dependent Care FSA Limits

EBHRA Limits

QSEHRA Limits

Commuter Transit and Parking Limits

Adoption Assistance

Earnings Subject to Social Security Payroll Tax

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