Guest Rita555 Posted February 27, 2011 Posted February 27, 2011 I have two jobs, and one of them has matching funds. This year I elected to put 80% of pay into the matching funds. Since I am 56, I have a 2011 cap of 22,000 dollars ( I think that is right). Will contributions stop automatically when it hits that number, or do I have to watch for them to continue with the extra 6K?
Bill Presson Posted February 27, 2011 Posted February 27, 2011 I have two jobs, and one of them has matching funds. This year I elected to put 80% of pay into the matching funds. Since I am 56, I have a 2011 cap of 22,000 dollars ( I think that is right). Will contributions stop automatically when it hits that number, or do I have to watch for them to continue with the extra 6K? This is actually a payroll question, so you need to check with your HR department. And each payroll operates independently of the other, so it will be up to you to monitor and make sure you don't exceed the limit or request the excess back from one of the plans. William C. Presson, ERPA, QPA, QKA bill.presson@gmail.com C 205.994.4070
Guest Rita555 Posted February 28, 2011 Posted February 28, 2011 I have two jobs, and one of them has matching funds. This year I elected to put 80% of pay into the matching funds. Since I am 56, I have a 2011 cap of 22,000 dollars ( I think that is right). Will contributions stop automatically when it hits that number, or do I have to watch for them to continue with the extra 6K? This is actually a payroll question, so you need to check with your HR department. And each payroll operates independently of the other, so it will be up to you to monitor and make sure you don't exceed the limit or request the excess back from one of the plans. Okay, Thanks, I'll check in with them. After reading this board, it sounds like it is much more sophisticated and probably directed more for administrators of plans. Thanks for taking time to answer my question.
austin3515 Posted February 28, 2011 Posted February 28, 2011 Do you think I would call myself Austin Powers if this was a "sophisticated" arena Austin Powers, CPA, QPA, ERPA
Guest Sieve Posted February 28, 2011 Posted February 28, 2011 You're kidding! I thought you were Austin Powers! I'm truly shocked & disappointed, whoever-you-are. Never again will I let you score on a breakaway . . .
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