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457 plan deferrals


Guest Mark Porter
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Guest Mark Porter

I have a client that is employed by a state university and has access to both a 403b and 457 plan. I know 403b and 401k annual deferral limits of $11,000 are coordinated for 2002 but am unclear on whether or not he can defer into a 457 plan over and above what he is putting into the 403b plan. In addition this person is eligible for the enhanced 457 catch up available to those within 3 years of retirement. Can he do the 403b PLUS the 457 plan and not be held to one $11,000 limit?

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Legislation in 2001 eliminated the coordination between the 401(k)/403(B) limit and the 457(B) limit in the situation you describe. Thus, the person could contribute the maximum in both the 403(B) plan and the 457(B) plan.

Employee benefits legal resource site

The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.

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