Nov 6, 2024
IRS Announces 2025 Retirement Plan Limits
The Internal Revenue Service (“IRS”) has announced the following dollar limits applicable to tax-qualified plans for 2025: The limit on the maximum amount of elective contributions that a person may make to a 401(k) plan, a 403(b) tax-sheltered annuity, or a 457(b) eligible deferred compensation plan increased from $23,000 to $23,500. The limit on “catch-up contributions” to a 401(k) plan, a…