Joe works for two unrelated employers in 2002, can he defer $11,000 in

[maverick]

I know I've seen this somewhere, but just can't come up with the reference. Turned 50 in June, so this must be my first "senior moment."

Anyway, Joe X works for employers A and B. Can he defer 11k into each plan? Also, is there a separate $40,000 415 limit for each plan?

Thanks all. Maverick

[Richard Anderson]

No, the 402(g) limit ($11,000 in 2002) is an individual limit, not a plan limit.

[Tom Poje]

here is the easy way to remember.

when he files his taxes, he includes his W-2

the governmet adds up all the deferrals and they know if someone deferred too much in a calendar year

[Medusa]

As to the second part of your question, if A and B are unrelated employers, the 415 limits are separate, so a person could conceivably have two $40,000 limits

[Guest cascigm]

Therefore, he could receive two separate "profit sharing" contributions without either being aggregated.