Tax laws limit how much money you can contribute to the Plan each year. The limit applies, as an aggregate limit, to all contributions (including both Before-Tax Contributions and Roth After-Tax Contributions) from your eligible pay that you make to all 401(k) and 403(b) plans to which you contribute during a calendar year. The limit may be adjusted each year for inflation in accordance with announcements made by the IRS. The limit for 2024 is $23,000 unless you are eligible for Catch-up Contributions in which case the limit is $30,500 for 2024. This limit does not include your rollover contributions or non-Roth after-tax contributions.

Once you reach the maximum combined Before-Tax and Roth After-Tax Contributions limit for the year, your payroll deductions will stop automatically. Payroll deductions will resume automatically in the following year as long as you continue to have a contribution election on file.

If you have contributed to another employer's plan during the current calendar year, it is your responsibility to ensure that you do not exceed the IRS's annual contribution limit once you start contributing to the Plan. If you exceed the limit, and the excess is not distributed to you within the time period required, the excess amount is subject to taxation for the year of the excess contribution and again in the year of distribution. If you think you have exceeded the limit for the current calendar year, you may request a refund by completing the Citi Retirement Savings Plan 402(g) Refund Request Form from the Plan and returning it within the required time period. To request a copy of this form, call the Plan as instructed under "How to Contact the Plan."

Tax laws also limit the total amount of Plan contributions that can be made to your Plan accounts each year. This limit applies to the sum of all contributions by you or by your employer on your behalf during the year, excluding Catch-up Contributions and rollover contributions. The limit for 2024 is $69,000 or 100% of your annual compensation (as defined by the Code), whichever is less. You will be notified if the total amount of Plan contributions made to your Plan accounts for the year need to be adjusted due to this limit.

The Plan does not recognize or include compensation above the limits imposed by the tax laws on annual eligible pay. For 2024, this limit is $345,000; this limit is subject to change each year for inflation in accordance with announcements made by the IRS.