Retirement Information

Important information concerning the Fidelity Advisor IRAs (Traditional, Roth, SEP/SARSEP, and SIMPLE)

• Annual Traditional and Roth IRA Contribution Limits, including Catch-up Contributions

  Traditional IRA and Roth IRA owners are generally permitted to make contributions up to an annual limit. Owners who are at least age 50 by December 31 of the tax year to which the contribution applies are generally permitted to make an additional "catch-up" contribution up to an annual limit. The maximum aggregate annual contribution limits for Traditional and Roth IRA contributions are detailed in table shown.

  Tax Year	2024
  Annual Traditional and Roth IRA contribution limit	$7,000
  Annual Traditional and Roth IRA catch-up1 contribution limit2	$1,000
  Maximum annual contribution limit (including catch-up)1	$8,000

• SIMPLE IRA Elective Deferral and Catch-up Elective Deferral Contributions

  SIMPLE IRA plan participants are permitted to make an elective deferral contribution up to an annual limit. Plan participants who are at least age 50 by December 31 of the tax year to which the contribution applies are permitted to make an additional elective deferral catch-up contribution up to an annual limit. Elective deferral contributions and catch-up contributions may be matched by the employer up to 3% of compensation (subject to plan provisions). The annual SIMPLE IRA catch-up contribution limit is $3,500 for tax year 2024. This amount is subject to increase for cost-of-living adjustments in later years. See table.

  Tax Year	2024
  Annual SIMPLE IRA elective deferral limit	$16,000*
  SIMPLE IRA catch-up1 elective deferral limit2	$3,500
  Maximum annual elective deferral limit (including catch-up)1	$19,500*

  The maximum compensation on which nonelective contributions to a SIMPLE IRA can be based is $345,000 for 2024. The maximum compensation figure is subject to cost-of-living adjustments in $6,900 increments in later years.

  Note: Starting in 2024, a provision from SECURE 2.0 will go into effect that allows employees to contribute an additional 10% on top of the existing limits, so long as their employer has less than 25 employees or has 26 to 100 employees and agrees to a 4% employer match or 3% nonelective contribution.

  As part of this provision, employers will be allowed to make an additional 10% nonelective contribution to each eligible employee in a uniform manner, to a max of $5,000.

• Contribution limits for SEPs and SARSEPs

  The SEP IRA contribution limit for 2024 is 25% of eligible employee compensation, up to $69,000. The maximum compensation that can be considered for contributions in 2024 is $345,000. It's important to note that employees typically cannot contribute to SEP IRAs. Instead, employers decide how much to contribute and make all contributions on behalf of their employees.

• SARSEP Elective Deferral and Catch-Up Contributions

  The maximum annual elective deferral limit for a SARSEPs IRA for 2024 is the lesser of 25% of compensation or $23,000. The $23,000 limit applies to the total elective deferrals (including designated Roth contributions, if applicable) made to a SEP, a 401(k) plan, a 403(b) plan, and a SIMPLE IRA. The $23,000 limit is subject to cost-of-living adjustments in increments of $6,900 in later years. Additionally, SARSEPs IRA participants who reach age 50 by December 31 of the tax year to which the contribution relates are eligible to contribute an additional catch-up contribution. See table.

  Tax Year	2024
  Annual SARSEPs IRA elective deferral limit	$23,000*
  SARSEP IRA catch-up1 elective deferral limit2	$7,500
  Maximum annual elective deferral limit (including catch-up)1	$30,500*

• Expansion of Rollover Rules

  Eligible rollover distributions from 401(a), 403(b), and 457 governmental plans may generally be rolled over to an IRA or any of such plans or arrangements that permit rollovers. After-tax contributions may not, however, be rolled over from an IRA to a 401(a), 403(b) or 457 governmental plan. As a result of the Pension Protection Act of 2006, after-tax amounts in 401(a) plans, including designated Roth contributions, may be rolled over to 403(b) plans and vice versa.

• Required Minimum Distribution Rules

  Required Minimum Distributions (RMDs) are generally required for IRA owners who have attained a specific age. The beginning RMD age is 73 for individuals who reach the age of 73 on or after January 1, 2024. For individuals who have reached age 72 in 2022, the RMD remains at 72. The regulations also require that the trustee, custodian, or issuer of an IRA must provide a statement to the IRA owner by January 31 of the calendar year regarding the RMD.

  The statement must also inform the IRA owner that the trustee, custodian, or issuer of the IRA will be reporting to the IRS that the IRA owner is required to receive an RMD for the calendar year. FIIOC will satisfy the IRS RMD reporting requirement by notifying all Fidelity Advisor IRA owners who are or will be at least age 73 by December 31, 2024, that they are required to take an RMD from any IRA that they own, including IRAs held at other trustees, custodians, or IRA issuers. FIIOC will also offer to calculate the RMD if instructed to do so by the Fidelity Advisor IRA owner. This notification, via mail, will occur on or before January 31, 2024.³

  In addition to the notification above, if Box 11 of Form 5498 is checked, you must take an RMD for 2025. An RMD may be required even if the box is not checked. If you don't take the RMD in 2025 (or if it is your first RMD, by April 1, 2025), you will usually be subject to a 25% excise tax on the amount not distributed.

  You may request that Fidelity calculate and distribute the RMD amount for you.

  For more information, refer to the Frequently Asked Questions about RMDs on the IRS Website at www.irs.gov or contact your investment professional or tax advisor.

  For additional information on the legislative provisions affecting your IRA, please call your financial or tax advisor. You should review these changes carefully. As always, you are encouraged to consult your financial or tax advisor with respect to any tax questions, or to determine how these changes may affect your personal situation.

  * Subject to cost-of-living adjustments.

  1. Catch-up contributions are applicable only to IRA owners or plan participants who are or will be at least age 50 in the tax year to which the contribution/elective deferral relates.
  2. Note that in certain cases, additional requirements may have to be satisfied in order to be eligible to contribute up to the limits.
  3. Owners of IRA Beneficiary Distribution Accounts (BDA) are not subject to these IRS RMD reporting requirements and will not receive a statement. They should consult a tax advisor for their RMD requirements. Under PPA, special MRD rules apply to a nonspouse beneficiary who has rolled over inherited plan assets to an inherited IRA.