Can you be a participant in 2 plans?

[Jilliandiz]

Participant is a doctor and is in a 403(b) plan with the hospital.

He also started up his own business, can you maintain a 401(k) and participate is both? If so, what are his limits? Can he maximize himself in both?

[mbozek]

See IRS publication 571 P3 col 1, available at irs.gov. He will be limited to 42k for both plans and 1 402(g) limit. He could defer another 14k in a 457b plan though the hospital.

[jevd]

If they are truly separate employers, are there not two separate 415 limits?

(no affiliated Service groups or control group issues assumed)

[mbozek]

If the Doc owns more than 50% of the med practice the contributions must be combined becuse he is deemed to be in control of both plans. See Pub 571 P3.

[jevd]

Thanks. I read that after the first post. You learn something new.

Nobody knows it all.

[Guest TGeer]

Of course, if he happens to own less than 50%, you can double up

[stephen]

He could be catch-up eligble.