Manda Rozanne

Maximum Allowable 457 Contribution 2024. In 2024, eligible employees who elect to make deferrals to both a 403(b) and 457(b) plan will generally be able to contribute up to $23,000 in deferrals to their 403(b). Those 50 and older can contribute an additional $7,500.

Every year, the irs announces the latest contribution limits for retirement savings accounts (including 401(k), 403(b), certain 457(b) plans and ira contributions), as well as voya. The maximum amount a person can contribute to a section 457 deferred compensation plan is set each year by the irs after taking inflation into account.