The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2024, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is $23,000 (or, if you are age 50 or older, $30,500 if you make the full $7,500 catch-up contribution). In 2024, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $69,000 or $76,500 if you make catch-up contributions. Your before-tax, Roth after-tax, regular after-tax and company matching contributions all count toward the annual limits.
The table below provides a breakdown of each type of contribution you can make.
| Contributions | |||
|---|---|---|---|
| Regular | Catch-Up | Total | |
| Combined Before-Tax and Roth After-Tax | $23,000 | $7,500 | $30,500 |
| Company Match | Varies depending on eligible pay | Not applicable | Varies depending on eligible pay |
| Regular After-Tax* | $46,000 less company match | Not applicable | $46,000 less company match |
| Combined Total | $69,000 | $7,500 | $76,500 |