457(b) Limit: Calendar year vs. Fiscal year

[Guest SHM]

1) The 457(b) plan in question is on a Oct 1 to Sept 30 plan year. Does the 457(b) limit ($15k in 2006) apply to the plan from Oct 1, 2005 to Sept 30, 2006; or is the relevant timeframe Jan 1 to Dec 31, 2006? For example, could particpant max-out in Sept 2006, the last month of the plan year, and then contribute another $15k in October 2006 (thus maxing out for the next plan year), even though that would be a total of $30k during the calendar year?

2) Are there any filing requirements (or other requirements/disadvantages) to changing a fiscal year 457(b) to a calendar-year plan?

[Guest mjb]

457 contributions are determined on a calander yr basis.