457b Max Contribution 2024 Limits and Details

The 457b plan is a type of deferred compensation plan offered by certain employers, particularly in the public sector.

The 457b plan has a high contribution limit, which is $22,500 in 2024, plus an additional $7,500 if you're 50 or older, making it a great option for those who want to save for retirement.

These limits apply to elective deferrals, which are the contributions you make to the plan on a pre-tax basis.

You can contribute up to the annual limit, but you can't exceed it.

The 457(b) max contribution limit for 2024 is $23,000, which can be broken down into biweekly contributions of $904 per paycheck.

If you're 50 or older, you can take advantage of the Age 50+ catch-up, which allows you to contribute up to $31,000 in a year, or $1,193 per biweekly paycheck.

To calculate your contribution limit, you can log into Wolverine Access Employee Self Service and view your 457(b) contribution limit for the current year and the following year.

The Internal Revenue Code limits the total amount you may contribute to all 457(b) plans you have across all employers to $23,000 in 2024.

Here's a breakdown of the 457(b) contribution limits for different age groups in 2025:

If you're eligible for both the Age 50+ catch-up and the special election catch-up, you can choose the one that allows you to contribute the greater amount.

A 457(b) plan is a type of deferred compensation plan offered by tax-exempt organizations and certain government agencies.

You can contribute to a 457(b) plan through payroll deductions, which makes it easy to save for retirement.

The annual contribution limit for a 457(b) plan is $22,500 in 2024, with an additional $7,500 catch-up contribution allowed if you're 50 or older.

You can also make a one-time catch-up contribution of $15,000 if you've been with the same employer for 15 years or more.

These plans are designed to help you save for retirement, and the contributions are made with pre-tax dollars, which reduces your taxable income.

The money grows tax-deferred, meaning you won't pay taxes on the investment earnings until you withdraw the funds in retirement.

You can withdraw the money from a 457(b) plan after you leave your employer, but be aware that you may face penalties for early withdrawal.

The plan also allows for loans, which can be a helpful feature in case of an emergency.

The loan amount is limited to 50% of your account balance, up to a maximum of $50,000.