IRS Limits

The IRS puts limits on how much can be saved to employer-sponsored 401(k) plans.

The 2024 limits are as follows:

• Your pre-tax and Roth 401(k) contributions: $23,000
• Catch-up contributions (if age 50 or older in 2024): $7,500
• Total annual contributions (from Rockwell and you): $69,000 (or $76,500 if 50 or older)
• Maximum eligible compensation (maximum amount of compensation eligible for contributions to the plan): $345,000.

Understanding IRS Limits

Spillover allows you to continue to automatically save on an after-tax basis once you reach the pre-tax/Roth 401(k) limit. If you have a pre-tax and/or Roth 401(k) contribution election in place and reach the annual limit ($23,000 in 2024), your deferrals will automatically switch to after-tax deferrals at the same deduction rate you elected, unless you elect to opt out of this. Please contact Fidelity for more information.

It’s important to understand these limits and how they may affect any future contributions to your Retirement Savings Plan account. Different rules also apply for highly- compensated employees. For more information on how IRS limits may affect you, please consult the Retirement Savings Plan Summary Plan Descriptions or call Fidelity.