HR and Benefits

Contribution Limits Changing in 2024 MHS 401(k) Plan

Published: Nov. 29, 2023
HR and benefits

The 2024 contribution limits have changed for the MHS 401(k) Plan.

  • The annual contribution limit is $23,000 in 2024. 
  • The annual “catch-up” contribution limit is $7,500 in 2024. You are eligible for this “catch-up” contribution if you will be age 50 or older on Dec. 31, 2024.
  • The plan maximum for employer matching contributions in 2024 is $20,700. 
  • Be sure to contribute at least 6% of your compensation in 2024 so you receive the maximum employer matching contribution you are entitled to! 

If you participate in this plan and want to change your election for the first check in January, you must change your election:

  • No later than Dec. 13 if you are a monthly paid employee
  • Between Dec. 22 and Jan. 3 if you are a biweekly paid employee 

To change your election, call the Fidelity Service Center at (800) 343-0860 or go online to Fidelity NetBenefits® at