IRS Updates Covered Compensation Tables for 2024
Published December 19, 2023
The Internal Revenue Service (IRS) has released Revenue Ruling 2024-01
which provides tables of covered compensation under Section
401(I)(5)(E) of the Internal Revenue Code for the 2024 plan year. The
tables are used to determine contributions to defined benefit plans and
permitted disparity.
For purposes of determining covered
compensation for the 2024 year, the taxable wage base was revised to
$168,600 (up from $160,200 in 2023).