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.
