Texa$aver 2024 contribution limits

1-minute read

Save more in your Texa$aver^SM 401(k) / 457 account this year thanks to higher limits from the Internal Revenue Service (IRS)!

The IRS has new retirement plan contribution amounts for tax year 2024. Highlights include:

• Save an extra $500 this year. The limit on elective deferrals for participants under age 50 increased to $23,000 (up from $22,500 in 2023). 

Additional contributions:

• Catch-up contribution limits for participants who are age 50 or over are the same. You can save an extra $7,500 for a total of up to $30,500.
• The special catch-up limit for eligible participants in governmental 457(b) plans increased to $23,000 from $22,500 in 2024.

Visit the IRS website for more information on 2024 contribution limits.