2024 Highly Compensated Employee Limit. A recent final rule that will significantly increase the fair labor standards act’s (flsa’s) annual salary thresholds for the highly compensated employee (hce). Irs announces 2024 retirement and benefit plan limits, ssa announces cola adjustment.
Those 50 and older can contribute an additional $7,500. For 2024, the limit is either 100% of a contributor’s annual income or a maximum of $69,000 (for employees under 50 years old) and $76,500 (for those aged 50 and above), whichever is less.