Hi,
the 403(b) Lifetime catch-up definition states "To qualify...plan participant must also have contributed an average of less than $5,000.00 a year to the plan."
Does this mean an average over their time of employment?
Does this mean an average over the length of their contributions?
Ex: Dave Smith began his employment in 1990. He has 24 years of service, so he qualifies. He has contributed $9,000 the past 6 years for a total of $54,000. Would he qualify for the lifetime catch-up?
Thanks
-John