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mckennaptr

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  1. To qualify workers must have completed at least 15 years of service with the same employer. Does this mean that I don't qualify if I worked for a school district for 14 years and then this last year I changed school districts? Or does working as a government employee for 15 yrs qualify me even though I work for different districts? Peter The 403(b) has its own additional catch-up provision called the "15-year rule." This special "catch-up" provision allows participants to increase their annual contribution by $3,000 more than the current $13,000 limit (as of 2003). To qualify workers must have completed at least 15 years of service with the same employer (years of service need not be consecutive), and cannot have contributed more than an average of $5,000 in previous years. Contributions made under the "15-year rule" cannot exceed $3,000 per year, up to a $15,000 lifetime maximum (under current rules). So, conceivably a worker could make a whopping $45,000 in contributions during 2004: ($13,000 to the 403(b) + $3,000 to the 403(b) + $3,000 to the 403(b) + $26,000 to the 457(b) = $45,000).
  2. Our school district doesn't offer the 457 plan . To tell the truth I don't even think they are aware of its availability. I would like to query them on offering it to their employees. I would imagine that there would be extra time and money needed to administer the plan. Any ball park figure as to what this extra time and cost to the district would be? How should this subject be broached? It's a shame that we missed out on 2003 and hopefully we can take advantage of this plan for 2004 and beyond. I don't want to ruffle any feathers so input will be appreciated. Peter
  3. the $1500 represent the amount in excess of the statutory maximum for 2003
  4. There was an excess of $1500 taken out in 2003. The last two were for $750 each taken on 12/15 and 12/29 Any thoughts will be greatly appreciated. Peter
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