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coleboy

Wants 401k. Has 403b plan now.

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Hi,

A current payroll client had expressed interest in setting up a 401k plan. On the way out of the meeting, they casually mentioned to the salesperson that they currently have a 403(b) plan. They are a church organization. They said that they had no plan document, etc. I have never worked on a 403(b) plan so don;t know too much about them. I do know after checking on the payroll system that there is an ER contribution.

Can they have a 401k plan as well? What happens with the 403(b) plan? 

I am totally in need of guidance!

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If you can , I suggest you team up with someone who knows 403(b) Plans.  No documents ,might be a serious problem.

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You hit the nail on the head, your client is "totally in need of guidance" and there's no way he should rely on comments made by anonymous commentators on this or any other blog site 

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