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What is the maximum contribution limit for a defined benefit plan?

The limit on contributions, other than catch-up contributions, for a participant in a defined contribution plan is $66,000 for 2023 and increases to $69,000 for 2024. Defined benefit limits for 2023 and 2024. The limit on annual benefits for a participant in a defined benefit plan is $265,000 for 2023 and increases to $275,000 for 2024.

What is the annual limit for a defined benefit plan?

The limitation on the annual benefit for a defined benefit plan under Section 415 (b) (1) (A) also increases to $275,000 (from $265,000). Additionally, the annual limit on compensation that can be considered for allocations and accruals increases from $330,000 to $345,000.

What is the limit on a defined benefit plan for 2023?

The limitation on the annual benefit under a defined benefit plan under Code Section 415 (b) (1) (A) for 2023 is $265,000.

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