A 457(b) plan’s annual contributions and other additions (excluding earnings) to a participant’s account cannot exceed the lesser of:
- 100% of the participant's includible compensation, or
- the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
Increases to the general annual contribution limit:
-
457(b) plans of state and local governments may allow catch-up contributions for participants who are aged 50 or older.
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Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of:
- the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
-
the basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions)
Related
Publication 4484, Choose a Retirement Plan for Employees of Tax-Exempt Government Entities PDF