2024 Financial Limits for Savings
The IRS has announced new, higher contribution limits in 2024 which impacts your News Corp 401(k) Savings Plan.
If you are younger than age 50, you can contribute a maximum of $23,000 to a 401(k) in 2024 If you’re age 50 and older, you can add an extra $7,500 per year in “catch-up” contributions, bringing your total 401(k) contributions for 2024 to $30,500.
401(k) Maximum Annual Limits: | 2024 |
Employee Contribution (Pre-tax and/or Roth) | $23,000 |
Employee Catch-Up (Pre-tax and/or Roth) | $7,500 |
Employer Match | $12,075 |
2% Non-Elective Employer Contribution | $6,900 |
FSA Maximum Annual Limits: | |
Health Care Contributions | $3,050 |
Dependent Care Contributions | $5,000 |
HSA Maximum Annual Limits: | |
EE Individual Contribution (EE & ER combined) | $4,150 |
ER Contribution to Individual | $500 |
EE Family Contribution (EE & ER combined) | $8,300 |
ER Contribution to Family | $1,000 |
Catch-Up Contribution | $1,000 |
QTE Maximum Monthly Limits: | |
· Pre-Tax Mass Transit | $315 |
· Pre-Tax Parking | $315 |
Payroll Related: | |
IRS Compensation Cap | $345,000 |
IRS Highly Compensated definition | $155,000 |
IRS 415 Limit | $69,000 |
Remember, in order to receive the maximum match of 3.5%, you need to contribute at least 6% to the News Corp 401(k) plan. For highly compensated employees who will hit the maximum earnings but want to contribute the maximum of $23,000 make sure you are contributing at least 7%.
Now is a good time to review your current elections as you begin to think about your cash flow and financial planning for 2024. To review your elections or increase your contributions rate, log onto Fidelity at netbenefits.com