The Internal Revenue Service sets the benefit and contribution limits for employer-sponsored retirement plans for each tax year. The following chart summarizes the 2024 limits and includes 2023 limits for comparison:
Full details about the 2024 pension limitations are available on the IRS website. A cost-of-living adjustments (COLA) table showing historical limits is also available.
457(b) Plans* (for tax-exempt co-op and governmental plans)
| PLANS / DESCRIPTIONS | 2024 | 2023 |
|---|---|---|
| Maximum amount of elective deferrals and employer contributions | $23,000 | $22,500 |
| Special catch-up contributions (allowed in the three years prior to normal retirement age) | Lesser of: 2x the annual deferral limit; or Annual deferral limit plus the eligible amount not contributed in prior years | Lesser of: 2x the annual deferral limit; or Annual deferral limit plus the eligible amount not contributed in prior years |
| Age 50 and over catch-up contributions (FOR GOVERNMENTAL PLANS ONLY) | $7,500 (only if not using special catch-up contribution option) | $7,500 (only if not using special catch-up contribution option) |
Homestead Funds does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance.