Law Alert

Released: November 1, 2024

On November 1, 2024, the IRS released the 2025 limits for retirement plans and individual retirement accounts. A few of the notable changes include the following:

  • The annual contribution limit for 401(k) plans will increase nominally to $23,500 (from $23,000)
  • The annual catch-up contribution limit remains the same at $7,500 for participants age 50 and over  
  • A new category of catch-up contributions, introduced by the SECURE Act 2.0, allows participants between ages 60 to 63 to contribute up to $11,250 annually 

You can find the full list of the new amounts in IRS Notice 2024-80.

Disclaimer
This content is provided by Thread “AS IS,” and is intended for informational purposes only. It does not constitute legal, accounting, or tax advice, nor does it create an attorney-client relationship. Because laws are constantly changing, we do not represent or warranty that the content is comprehensive of all applicable laws and regulations, and/or accurate as of the date of use. You are solely responsible for complying with all applicable laws and regulations. Mineral expressly disclaims any liability associated with your use of the content, and/or your noncompliance with applicable laws and regulations.

Stop worrying about labor laws, and let Thread take the administrative work out of HR. Let us know how we can help!

THE DAILY THREAD

The best tips on running a business delivered to your inbox.

Recommended For You

HR Q&A | What's the difference between exempt and non-exempt and when do we use which? HR Q&As Human Resources

HR Q&A | What's the difference between exempt and non-exempt and when do we use which?

HR Pros at HR Support Center November 7, 2024
Holiday Fraud Prevention: Protecting Your Business from Seasonal Scams Human Resources Payroll Security

Holiday Fraud Prevention: Protecting Your Business from Seasonal Scams

Barbara Collins
Barbara Collins November 4, 2024
Year-End Best Practices Guide Human Resources

Year-End Best Practices Guide

Barbara Collins November 4, 2024