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Annual Plan Limits

  • Old Point National Bank - Annual Plan Limits

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2024

2023

2022

Compensation

$345,000

$330,000

$305,000

Limits on benefits and contributions:

  • Defined contribution plans

$69,000

$66,000

$61,000

  • Defined benefit plans

$275,000

$265,000

$245,000

  • 401(k), 403(b) and 457 plan elective deferrals

$23,000

$22,500

$20,500

  • SIMPLE plan elective deferrals
$16,000

$15,500

$14,000

  • IRA
$7,000

$6,500

$6,000

Catch-up contributions:

  • 401(k), 403(b) and 457 plans
$7,500

$7,500

$6,500
  • SIMPLE plans
$3,500 $3,500

$3,000

  • IRA
$1,000

$1,000

$1,000

"Highly Compensated" definition

$155,000

$150,000

$135,000

"Key Employee" definition:

  • Officer
$220,000

$215,000

$200,000

  • 1% owner
$155,000

$150,000

$150,000

Social Security Taxable wage base

$168,600 $160,200

$147,000

 


 

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