401k Limits 2024 Employer Matching. The 2024 contribution limit for 401 (k) plans is $23,000, up from $22,500 in 2023. For this reason, there are 401(k) matching limits for how much employers can contribute to their employees’ 401(k) savings plans.

Although mary earned $360,000, your plan can only use up to $280,000 of her compensation when applying the matching. Your plan requires a match of 50% on salary deferrals that do not exceed 5% of compensation.