Limits for Defined Contribution Plans to Increase in 2024

Effective Jan. 1, 2024, the yearly contribution limit for 403(b) and 457(b) plans has increased from $22,500 to $23,000 per plan. The age 50 Catch-Up Provision, which allows any participant who is at least 50 years of age to contribute additional funds to the plans at any point during the calendar year, will remain $7,500 per plan. This means participants who are 50 and older can contribute up to $30,500 to each plan in 2024. You can change your contribution at any time by logging into the Fidelity website or by calling Fidelity at 1-800-343-0860.