SEP & Safe Harbor 401K after 70 1/2

Submitted by Anonymous on Wed, 2012-01-11 15:08

Hello:

Does anyone have a reference (IRS Publication) where it states that both can still be funded after reaching 70 /12. The 401K side is a bit off topic here, but may it may be embedded where the SEP is also referenced and I look at the SEP as an IRA.

Thanks.



Submitted by mk foss on Wed, 2012-01-11 18:52

IRS publications don’t address your specific question. In Pub 590 – they give the 70-1/2 rule explaining when contributions cut off. Pub 560 deals with SEPs, Simples and 401k plans and there is no similar statement.

There was an age discrimation law passed in the late 1980s that indicated no employees could be denied retirement plan coverage because of their age. The law was passed so long ago that IRS publications do not (as far as I can find) mention it.



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