The IRS updates the annual contribution limits each year. Please visit the
IRS for more specifics.
As of January 1, 2025, the annual limits are:
- Employee Elective Deferral Limit (a.k.a. 402(g) limit): $23,500
- Age 50-59 or 64+ Employee Catch-Up contribution limit: $7,500
- New: Age 60-63 Employee Catch-Up contribution limit: $11,250
- Employee Elective deferral plus catch-up limit (age 50-59 or 64+): $31,000
- Employee Elective deferral plus catch-up limit (age 60-63): $34,750
- 415(c) defined contribution maximum (employer + employee under age 50): $70,000
- 415(c) defined contribution maximum (employer + employee age 50-59 or 64+): $77,500
- 415(c) defined contribution maximum (employer + employee age 60-63): $81,250
REMEMBER: Elective Deferrals must not exceed 100% of the employee's taxable income.
Clergy Housing Allowance (CHA) dollars are already a non-taxable benefit and cannot simultaneously be deferred as Elective contributions.