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2024 Benefit Plan Limits & Thresholds Chart


2024 Benefit Plan Limits & Thresholds 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.

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.

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.

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.

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.

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.

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.

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.

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.

 

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