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kevinnewman

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In NYS certain state employees are able to contribute to a 457 plan and a 403b plan.Does anyone know whether they if eligible can do say for example 24k in the 403b(through retirement catch up provisions) and say 30 k in the 457 (through retirement catch up provisions) or would they hit up against that 42k annual limit or does each plan have that 42k limit.

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As far as I understand, The 403b and 457 limits are independent of e/o. Although I have no idea how you come up with such large numbers (assuming you are only talking about employee deferrals).

 

403b - 2006 $15,000 deferral + $5,000 in catchup if 50 yrs old + possiblyu $3,000 in "years of service" catchup (with a $15,000 lifetime max - essentially 5 yrs @ $3,000). = $23,000

 

457 - 2006 is $15,000 deferral.

 

(PS - limits are $44,000 for 2006).

 

GG

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