Keogh plan and 401(k)

[Guest Trirod]

I just wanted to confirm that it was still OK for a shareholder of a corporation to set up a Keogh in relation to director's fees received from the corp while at the same time contributing to the corp's 401(k) as an employee. I seem to remember some discussion a few years back about the IRS trying to block this sort of thing, but I thought that nothing had come of it.

Does my memory serve correctly?

Thanks

Rod