457(b) CONTRIBUTION LIMITS FOR 2024
Posted on: March 25, 2024 - 12:20pm
Per IRS guidelines, In 2024 you may contribute up to a maximum amount of $23,000 if you are under the age of 50. If you are over age 50, the plan allows for catch-up contributions up to $7,500. Always refer to the plan summary document for complete rules and details.
(A 457(b) Deferred Compensation Plan can help you start saving for your retirement. Defer paying taxes on a portion of your income, and invest it on a tax-deferred basis. This is similar to a 401(k) and 403(b) plan in this regard. This is a voluntary election and your contributions are made through payroll deduction, reducing your gross pay from each paycheck. Fixed account interest rate is guaranteed to never go below 1%.)