fbpx
Updated Tax Guides: Download your free 2024 Tax Guides for Churches and Ministers.
Updated Tax GuidesDownload your free 2024 Tax Guides for Churches and Ministers.

403(b) Retirement Plan Limitations for 2024

The IRS updates retirement plan contribution limits for defined contribution plans such as Geneva’s Retirement Plans each year.

The limits for 2024 are as follows:

Elective Deferral Limit (salary reduction contribution): $23,000 ($500 increase from 2023). Internal Revenue Code Section 402(g)

Defined Contribution Limit (employer plus employee): $69,000 ($3,000 increase from 2023). Internal Revenue Code Section 415(c)

Catch-up Contribution Limit (age 50 or older): $7,500 (no increase from 2023). Internal Revenue Code Section 414(v)

If age 50 or older, a total of $30,500 in elective deferral contributions will be allowed in 2024.

Source: IRS Retirement Plan section

 

Geneva Benefits Group serves those who serve others, providing practical support for the financial, physical, and mental wellbeing of people who work in full-time ministry.

Geneva offers preparedness and peace of mind with solutions tailored to the needs of ministry leaders and staff.