The IRS announces cost of living adjustments every year affecting dollar limitations for pension plans and other retirement-related items for that tax year. For 2024, the contribution limit for participants in 401(k), 403(b), and most 457 plans increased from $22,500 to $23,000. The catch-up contributions for employees 50 and over who participate in these plans remained the same at $7,500.
Source: IRS Notice 2023-75