Jesse $(58)$ participates in his employer's Section $401($k$)$ plan. In $2023$ his total salary, for FICA purposes was $$200,000.$ In $2024$ he made the maximum contribution to his $401($k$)$ plan of $$30,500,$ including a catch$-$up contribution of $$7,500.$ Which of the following is TRUE regarding the rules that cover his $2024$ contribution?