Guest LSULLIVAN Posted February 7, 2006 Posted February 7, 2006 A doctor (an only employee of his own practice) would like to set a retirement plan for himself. He also teaches at a hospital where he contributes to their 403B. Can he have contribute to 2 plans simultaneouly, 403 B and SEP or Simple ? If the answer is yes, are his contribution limits restricted in EITHER plan, due to participation in BOTH plans?
Guest mjb Posted February 8, 2006 Posted February 8, 2006 Under IRC 415(k)(4) contributions to the SEP must be aggregated with w/403(b) contributions for the 44/49k limit. Employee salary reductions to SIMPLE are aggregated with salary reduction under 403b for 15/20k limits under 402g. There is no express requirement which requires aggregation of Employer simple contributions with a 403b plan for 415 limits.
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