2FA for P&A Participants
COBRA, Commuter Benefits, Parking, Participant, Reimbursement Accounts, Savings Accounts, Transit
On November 1, 2024, the IRS announced inflation adjusted amounts for 2025 retirement plans. Contribution limits to 401(k), 403(b) and 457 Plans are receiving an increase for 2025. Below is an outline of the 2025 contribution limits for retirement plans effective January 1, 2025.
2025 Contribution Limits for Retirement Plans
401(k), 403(b), 457 Plans |
2024 |
2025 |
| Elective Deferral Limit Under 402(g) | $23,000 | $23,500 |
| Catch-up Contribution Limit (age 50 and over) | $7,500 | $7,500 |
| Social Security Taxable Wage Base | $168,600 | 176,100 |
| Defined Contribution Plan Annual Contribution Limit Under 415 | $69,000 | $70,000 |
Compensation Limits |
2024 |
2025 |
| Annual Compensation Limit Under 401(a)(17) | $345,000 | $350,000 |
| Annual Key Employee Compensation Limit Under 416 (i)(1)(A)(i) | $220,000 | $230,000 |
| Annual HCE Employee Compensation Limit Under 414(q)(1)(B) | $155,000 | $160,000 |
How to Change Your Contribution Amount
To change your contribution amount now or at anytime, please log into your P&A Retirement Plan Account. Under the “Manage” tab, select “Manage Contributions” and choose the option “Contribution Rate/Amount.” From there, you can choose to change your deferral amount by percentage or dollar.
Log into your P&A Retirement Account to check your balance, review your investments and more.
