Taxes

This release includes changes in limitations for the U.S. Federal Deferred Compensation Plan and the dollar limitation updates for 2024.

The U.S. Federal Deferred Compensation Plan includes the following changes:

• Updates for 2024 Maximum Benefit Limit on Remuneration Grouping for Deferred Compensation Compliance Codes 401(k), 403(b), 457(b), 408(k), and Simple IRA.
• Dollar value limitation adjustments on annual cost of living increases for qualified retirement plans as reported by the Internal Revenue Service (IRS). The dollar value limitations adjustments for 2024 include:

  Simple [401(k) Simple/P014]

  • The maximum contribution limit changed from $15,500 in 2023 to $16,000 in 2024.
  • The SIMPLE Catch-up limit remains the same at $3,500 for 2024.

  401(k)/403(b) [401(k) Plan/P001, and 403(b) Plan/P002]

  • The annual compensation limit changed from $330,000 in 2023 to $345,000 in 2024.
  • The elective deferral limit changed from $22,500 in 2023 to $23,000 in 2024.
  • The Catch-up limit remains the same at $7,500 in 2024.

  457

  • The elective deferral limit changed from $22,500 in 2023 to $23,000 in 2024.
  • The Catch-up limit remains the same at $7,500 in 2024.

  408p [SIMPLE IRA/P031]

  • The maximum contribution limit changed from $15,500 in 2023 to $16000 in 2024.
  • The SIMPLE Catch-up limit remains the same at $3,500 for 2024.