401(k) & 457

[Guest kdm]

If a non-profit organization were to establish a 457 and 401(k) could the eligible employees defer 11K into each plan for a total of 22K, just like the 403(B) and 457 combination?

[mbozek]

22 k deferral is permitted. If employer maintains 403(B) plan salary deferral is 15K (11+1 over 50 catch up +3 402(g) catch up). Also special catch up under 457 allows deferral of up to 22k for last three years before retirement. Max deferral under 403(B)/457 is 37k.

[Guest kdm]

Thanks for the information mbozek. I actually knew the 403(B) and 457 catch up rules, but thanks anyways.