Every year, the IRS releases updated limits for retirement programs, such as those sponsored by USC. The increased limits allow for additional opportunities for you to save for retirement.
The limits for 2024 are:
- $23,000 – annual under age 50 employee contributions to a 401(k), 403(b) or 457(b) Plan (up from $22,500).
- $30,500 – annual age 50 employee contributions to a 401(k) or 403(b) plan (up from $30,000). Note: Tax Exempt 457(b) plans like ours does not have a 50 and over provision.
- $345,000 – annual earnings cap for retirement (up from $330,000).
- $257,000 – 2023 annual earnings required for 2024 USC 457(b) Plan eligibility (up from $237,000).
This is a great time to review your retirement contribution elections in Workday. You can confirm that you are taking full advantage of the program and prepare for any 2024 changes you want to make in December for January.
If you have any questions, contact the HR Service Center.