In a recent move, the IRS announced that many of the crucial retirement plan limits will see an increase in 2024. This information was outlined in Notice 2023-75, released on November 1, 2023. The degree of limit increases is more moderate than those applied in 2023, with some of the limits remaining static.
Both the Social Security Administration and the Pension Benefit Guaranty Corporation (PBGC) have also made recent announcements about adjustments to the Social Security wage base, PBGC premiums, and other items for the coming year.
The adjustments should be of particular interest to legal professionals in major corporations and law firms, who will have to navigate these changes in their everyday work. The following chart, made available by Groom Law Group, Chartered, outlines the key limits along with various other frequently used benefit and compensation items for 2024:
[Please visit the original article to view the chart]
As the figures indicate, there will be a wide range of adjustments to 2024’s benefits and contributions landscape. Legal professionals should pay careful attention to these changes and plan their strategies accordingly.