The IRS announced new contribution/distribution limits for 2024 – these limits can be adjusted annually based on inflationary cost-of-living changes from year-to-year. The major changes that may impact PERA members are listed below:

• The employee contribution limits to the 401(k) and 457 plans will increase to $23,000 in 2024 ($22,500 in 2023); the catch-up contributions for those age 50 and older in those plans will remain unchanged at $7,500.
• The § 415 limit for benefit payments from a DB plan similar to PERA will increase to $275,000 in 2024 ($265,000 in 2023).
• The § 401(a)(17) limit for salary to be eligible to be reported to PERA for members who started on/after January 1, 1996, will increase to $345,000 in 2024 ($330,000 in 2023).