Contributions to 401(k) & a 403(b) in same year!
If one has maxed their 401(k) then changes jobs to an organization with a 403(b), can they make any additional contributions to get the new organization’s match?
If one has maxed their 401(k) then changes jobs to an organization with a 403(b), can they make any additional contributions to get the new organization’s match?
Permalink Submitted by Alan Spross on Wed, 2009-08-12 21:33
No additional contributions (elective deferrals) are allowed. The elective deferral limit of 16,500 (plus 5,000 catchup if applicable) applies per taxpayer per year, not per plan.
If the new organization also offers a 457b plan, then the elective deferral limit DOES apply separately to the 457b because it is NOT a qualified plan. But if the match applies to the 403b, the 457b contributions would not produce a match, only tax deferral.