The Internal Revenue Service creates annual limitations on contributions made to qualified retirement plans like the Eder Retirement Plan. Here are the main types of contributions and their limits.
Elective deferrals include both pre-tax and designated Roth contributions an employee makes to an employer-sponsored retirement plan such as a 401(k) or 403(b). (Code § 402(g))
| 2024 Limit for people under age 50: $23,000 |
If you are 50 years old or older by the end of the calendar year, you may contribute additional funds to your Retirement Plan account beyond the elective-deferral contribution limit. (Code § 414(v))
| 2024 Limit: $7,500 |
These are the total annual contribution, including pre-tax, tax-paid, and Roth contributions, from both an employer and an employee. The limit is the lesser of the dollar figure below or 100 percent of your pay. (Code § 415(c))
2024 Limit: $69,000
The maximum dollar amount that can be taken into consideration when calculating retirement benefit contributions. (Code § 401(a)(17))
| 2024 Limit: $345,000 |
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