2021 Contribution Limits - Plan Administration Services

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2024 contribution limits

for qualified retirement plans as defined by the IRS

IRS DOLLAR LIMITATIONS ON QUALIFIED

RETIREMENT PLANS

2024

2023

2022

2021

2020

2019

IRS

ANNUAL LIMITATIONS

415(b)(1)(a)

415(c)(1)(a)

Annual Benefit for Defined Benefit Plans

Annual Contributions for Defined Contribution Plans

$275,000

$69,000

$265,000

$66,000

$245,000

$61,000

$230,000

$58,000

$230,000

$57,000

$225,000

$56,000

401(a)(17) & 404(l)

414(q)(1)(b)

Annual Maximum Compensation Limit

Highly Compensated Employee Compensation

$345,000

$155,000

$330,000

$150,000

$305,000

$135,000

$290,000

$130,000

$285,000

$130,000

$280,000

$125,000

$23,000

$7,500

$22,500

$7,500

$20,500

$6,500

$19,500

$6,500

$19,500

$6,500

$19,000

$6,000

$16,000

$3,500

$15,500

$3,500

$14,000

$3,000

$13,500

$3,000

$13,500

$3,000

$13,000

$3,000

$23,000

$22,500

$20,500

$19,500

$19,500

$19,000

$23,000

$22,500

$20,500

$19,500

$19,500

$19,000

$750

$750

$650

$650

$600

$600

401(k) PLANS

402(g)(1)

Employee 401(k) Contribution

Employee 401(k) Plan Catch-Up Contribution

(employees over age 50)

SIMPLE PLANS

408(p)(2)(a)

& 401(k)(11)

Employee SIMPLE IRA/401(k) Contribution

Employee SIMPLE IRA/401(k) Plan Catch-Up

Contribution (employees over age 50)

403(b) PLANS

Employee 403(b) Contribution

457 PLANS

457(b)(2) & 457(c)(1) Employee 457 Contribution

SEP PLANS

408(k)(2)

SEP Plans Compensation Amount

Source: .

For more information, contact your Nationwide Representative.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their

specific situation with their financial professional.

The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities and trust programs. The unregistered group

fixed and variable annuities are issued by Nationwide Life Insurance Company, Columbus, Ohio. Trust programs and trust services are offered

by Nationwide Trust Company, FSB. Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio.

Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. ? 2023 Nationwide

FOR FINANCIAL PROFESSIONAL OR PLAN SPONSOR USE ¡ª NOT FOR DISTRIBUTION TO THE PUBLIC

PNM-0925AO.16 (12/23)

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