Almost every key Internal Revenue Code (IRC) limits for qualified retirement plans will rise from 2023 to 2024, Mercer projects. The 2024 limits will reflect increases in the Consumer Price Index for All Urban Consumers (CPI-U) from the third quarter of 2022 to the third quarter of 2023. Only the catch-up contribution limit, which has a relatively large rounding value, is expected to stay the same next year.
This updated article reflects the final CPI-U values for August and September. The table below shows Mercer’s calculation of the limits. IRS usually announces official limits for the coming year in late October or early November.
- Summary of 2023 benefit-related cost-of-living adjustments (Jan. 25, 2023)
- Quick benefit facts for 2023 (Jan. 20, 2023)
- Quick benefit facts and COLA resources for benefit plans (2017–2023)