{"id":5129,"date":"2023-11-14T15:13:41","date_gmt":"2023-11-14T21:13:41","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=5129"},"modified":"2023-11-14T15:23:38","modified_gmt":"2023-11-14T21:23:38","slug":"hr-newsletter-irs-announces-2024-retirement-plan-limits","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2023\/11\/14\/hr-newsletter-irs-announces-2024-retirement-plan-limits\/","title":{"rendered":"HR Newsletter:\u00a0IRS Announces 2024 Retirement Plan Limits"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg\" alt=\"HR Newsletter:\u00a0IRS Announces 2024 Retirement Plan Limits\"\/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The Internal Revenue Service (IRS) has released <a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-23-75.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Notice 2023-75<\/a>, containing cost-of-living adjustments for 2023 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Description<\/strong><\/td><td><strong>2024<\/strong><\/td><td><strong>2023<\/strong><\/td><\/tr><tr><td>Regular Contribution Limit<\/td><td>$23,000<\/td><td>$22,500<\/td><\/tr><tr><td>Catch-up Contribution Limit<\/td><td>$7,500<\/td><td>$7,500<\/td><\/tr><tr><td>Employee + Company Limit<\/td><td>$69,000<\/td><td>$66,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Click the following link to read our Legal Update article on this topic: <a href=\"https:\/\/www.employco.com\/PDFs\/November2023_Legal-Update-IRS.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">IRS Announces 2024 Retirement Plan Limits<\/a><\/p>\n\n\n\n<!--more-->\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.employco.com\/PDFs\/November2023_Legal-Update-IRS.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/www.employco.com\/images\/newsletter\/HR\/Blog\/November2023_Legal-Update-IRS-PDF.jpg\" alt=\"IRS Announces 2024 Retirement Plan Limits\"\/><\/a><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2023 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). Description 2024 2023 Regular Contribution Limit $23,000 $22,500 Catch-up Contribution Limit&hellip;  <\/p>\n<p class=\"more-link\"><a href=\"https:\/\/www.employco.com\/blog\/2023\/11\/14\/hr-newsletter-irs-announces-2024-retirement-plan-limits\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-5129","post","type-post","status-publish","format-standard","hentry","category-hr-newsletter"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>HR Newsletter:\u00a0IRS Announces 2024 Retirement Plan Limits - Employco Blog<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.employco.com\/blog\/2023\/11\/14\/hr-newsletter-irs-announces-2024-retirement-plan-limits\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"HR Newsletter:\u00a0IRS Announces 2024 Retirement Plan Limits - Employco Blog\" \/>\r\n<meta property=\"og:description\" content=\"The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2023 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 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The IRS is required to publish these limits by June 1 of each year. These limits include: 2024 2023 Contribution Limit (Individual)\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"New HSA Limits for 2024","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":5243,"url":"https:\/\/www.employco.com\/blog\/2024\/01\/17\/hr-newsletter-irs-guidance-on-secure-2-0\/","url_meta":{"origin":5129,"position":1},"title":"HR Newsletter: IRS Guidance on Secure 2.0","author":"Employco USA","date":"January 17, 2024","format":false,"excerpt":"On Dec. 20, 2023, the IRS issued Notice 2024-2, providing guidance in the form of questions and answers with respect to various provisions of the legislation known as the \u201cSECURE 2.0\u201d Act. Background - The Consolidated Appropriations Act of 2023 was signed on Dec. 29, 2022, which is an omnibus\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3685,"url":"https:\/\/www.employco.com\/blog\/2021\/11\/15\/hr-newsletter-new-401k-limits-for-2022\/","url_meta":{"origin":5129,"position":2},"title":"HR Newsletter: New 401(k) Limits for 2022","author":"Employco USA","date":"November 15, 2021","format":false,"excerpt":"On Nov. 4, 2021, the Internal Revenue Service (IRS) announced new caps for employee and company 401(k) contributions in 2022: 2021 2022 Maximum employee elective deferral (age 49 and younger) $19,500 $20,500 Employee catch-up contribution (age 50 or older) $6,500 $6,500 Maximum employee elective deferral plus catch-up $26,000 $27,000 The\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"IRS","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4932,"url":"https:\/\/www.employco.com\/blog\/2023\/09\/19\/hr-newsletter-acas-affordability-percentage-decreases-for-2024\/","url_meta":{"origin":5129,"position":3},"title":"HR Newsletter: ACA\u2019s Affordability Percentage Decreases for 2024","author":"Employco USA","date":"September 19, 2023","format":false,"excerpt":"On Aug. 23, 2023, the IRS released the affordability percentage threshold for 2024 plan years under the Affordable Care Act\u2019s (ACA) pay-or-play rules. For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA\u2019s pay-or-play rules if the employee\u2019s required contribution for self-only (employee-only) coverage does\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4439,"url":"https:\/\/www.employco.com\/blog\/2023\/01\/16\/hr-newsletter-secure-2-0-becomes-law-retirement-plans\/","url_meta":{"origin":5129,"position":4},"title":"HR Newsletter: \u201cSECURE 2.0\u201d Becomes Law (Retirement Plans)","author":"Employco USA","date":"January 16, 2023","format":false,"excerpt":"On Dec. 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, an omnibus bill that includes the \u201cSECURE 2.0\u201d legislation. It is referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Key SECURE 2.0 provisions include: Expanding\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"HR Newsletter: \u201cSECURE 2.0\u201d Becomes Law (Retirement Plans)","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_Secure20.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4437,"url":"https:\/\/www.employco.com\/blog\/2023\/01\/16\/hr-newsletter-irs-finalizes-deadline-extension-for-aca-statements\/","url_meta":{"origin":5129,"position":5},"title":"HR Newsletter: IRS Finalizes Deadline Extension for ACA Statements","author":"Employco USA","date":"January 16, 2023","format":false,"excerpt":"On Dec. 12, 2022, the IRS released a final rule that extends the annual furnishing deadlines for Sections 6055 and 6056 reporting under the Affordable Care Act (ACA). This rule finalizes guidance that was proposed by the IRS in December 2021 with minor clarifications. Specifically, the rule: Finalizes the 30-day\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"HR Newsletter: IRS Finalizes Deadline Extension for ACA Statements","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/5129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/comments?post=5129"}],"version-history":[{"count":5,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/5129\/revisions"}],"predecessor-version":[{"id":5135,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/5129\/revisions\/5135"}],"wp:attachment":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/media?parent=5129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/categories?post=5129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/tags?post=5129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}