IRS contribution limits for 2024
During 2024, employees will be able to contribute up to $23,000 to the 401(k) Plan on a pre-tax and/or Roth basis, which is an increase of $500 from 2023. Employees who are age 50 or older at any time during 2024 may make additional “catch-up” contributions to the 401(k) Plan of up to $7,500 over the $23,000 limit on a pre-tax and/or Roth basis. Note: There will be 27 pay periods in 2024, so please calculate your contributions accordingly.
The overall contribution limit to the 401(k) Plan and the TVARS Fixed and Variable Funds for 2024 will be $69,000, which is a $3,000 increase from 2024. This overall limit includes the following contributions: (i) employee pre-tax, Roth, and after-tax contributions to the 401(k) Plan; (ii) TVA’s matching and non-elective (automatic) contributions to the 401(k) Plan; and (iii) employee after-tax contributions to the Fixed and Variable Funds (only available for contributions by employees hired before January 1, 1996). Any “catch-up” contributions made by employees age 50 or older to the 401(k) Plan do not count toward the overall contribution limit of $69,000.