Blue Ridge ESOP Associates Industry News

IRS/DOL Corner - December 2023

Posted by Blue Ridge ESOP Associates

Dec 21, 2023 2:19:01 PM

On November 2, 2023, the IRS announced cost of living adjustments affecting qualified retirement plans for 2024.

Selected Limits



401(k) Elective Deferrals 



401(k) Catch Up Deferrals  




Annual Defined Contribution Limit (section 415)*  




Annual Compensation Limit **   



Highly Compensated Employees

(look-back year calculation)**




Key Employee – Officer Threshold* 



Social Security Wage Base 




ESOP Threshold Balance for lengthening the 5-year installment period




Amount for lengthening the 5-yearESOP installment period  




  *Effective for limitation years ending in calendar year

**Effective for plan years beginning in the calendar year


Topics: ESOP & 401(k) Plans, IRS, DOL

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