Jump to content

415 and 402(g) limits=>participant in both govt&private plans

Recommended Posts

State employee participates in their plan.

He also works for wife's firm who has a 401(k) Plan.

I know 415 limits are plan specific.

But is there an individual 402(g) limit that combines contributions to the state plan as well as the private plan?

Link to comment
Share on other sites

Yes. 415 limit is separate for different employers (so long as they aren't part of the same control group). 402(g) is measured at the employee level. 

Employee benefits legal resource site

The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.

Link to comment
Share on other sites

On 12/18/2021 at 6:52 PM, John Feldt ERPA CPC QPA said:

And watch out for 403(b) there, as those accounts are considered owned by the employee, so if they own a side business and it has a plan, aggregation for 415 comes into play.

So you are saying contributions to the State Gov't plan are incorporated into the 402(g) calculation?

Link to comment
Share on other sites

TPApril, is the government plan to which the individual is deferring a grandfathered 401(k), a 403(b) or 457(b)? Grandfathered 401(k) or a 403(b) would aggregate, but 457(b) not.

Luke Bailey

Senior Counsel

Clark Hill PLC

214-651-4572 (O) | LBailey@clarkhill.com

2600 Dallas Parkway Suite 600

Frisco, TX 75034

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...