401(k), Simple IRA and HSA Plan Contribution Limits
Retirement Plan Contribution Limits |
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| 2024 | 2023 | 2022 | 2021 | 2020 | |
| 401(k), 403(b), 457(b) | $23,000 | $22,500 | $20,500 | $19,500 | $19,500 |
| 401(k), 403(b), 457(b) Catch-up Contribution (ages 50 and older) | $7,000 | $7,500 | $6,500 | $6,500 | $6,500 |
| SIMPLE IRA | $16,000 | $15,500 | $14,000 | $13,500 | $13,500 |
| SIMPLE IRA Catch-up Contribution (ages 50 and older) | $3,500 | $3,500 | $3,000 | $3,000 | $3,000 |
Catch-up participants: Please alert your account manager if your employees wish to participate in the catch-up limit. We will review your employee's settings to ensure their birthdate is properly stored and their deferral settings will auto-rollover into the higher limit once the base limit is reached.
See IRS Retirement Topics for more details.
HSA Plan Contribution Limits |
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| 2024 | 2023 | 2022 | 2021 | 2020 | |
| HSA Single (self-only plans) | $4,150 | $3,850 | $3,650 | $3,600 | $3,550 |
| HSA Family | $8,300 | $7,750 | $7,300 | $7,200 | $7,100 |
| HSA Catch-up Contribution (ages 55 and older) | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
HSA limits are based on the combined total of employee deductions and employer match amounts. The sum of each will be shown in box 12 with a "W" listed as HSA employer contributions on form W2 as these deductions are withheld pretax under a Section 125 cafeteria plan.
Catch-up participants: Please alert your account manager if your employees wish to participate in the catch-up limit. We will review your employee's settings to ensure their birthdate is properly stored and their deferral settings will auto-rollover into the higher limit once the base limit is reached.
Source: IRS COLA Increases for Dollar Limitations on Benefits and Contributions