Both an Owner AND an employee - Can she do a 41k SEP + salary deferrals in the employers plan?

[Guest erepper]

I have a business owner who is defering the maximum amount in a 401(k) plan that is sponsored by another employer for which she has NO interest of affiliated service.

Can she set up a SEP with the maximum of $41,000?

My sense is YES b/c the 415 limit is an employer limit and the salary deferral is an individual limit and of course no salary deferalls are being made to the SEP

Please advise - Thanks Ed

[jevd]

I agree as long as there are no Affiliated Service group or Control Group issues.