Contribution limits on 401k and 403b

[blazerjeremy]

I have the option of both a 401k and a 403b and a 457b at work. *Can I contribute $13,000 to each for a total of $39,000 or can I only contribute $13,000 total and split it between either how ever I like, or all to one or the other?

[Bob_Smith]

The absolute limit for a 403(b) is $19,000 for 2004 ($21,000 for 2005). In addition to the $13,000 you mentioned, there are two "catch-up" provisions: *

1) If you have 15+ years of service you may be able to contribute an additional $3000 under the "15 year rule".
2) If you will be age 50 or more by 12/31/2004 you can also contribute another $3000 for 2004.

As of 2002, an individual may participate in a 457 plan and a 403(b) plan at the same time. Some employers won't allow it. I have never heard of an employer offering a 401(k) in addition to the other two.

[blazerjeremy]

I work for a Rural School District and they offer all three plans. They seem to prefer the 401k because they match contributions to it. And no other employee paticipates in either the 457 or 403b but it is still offered. I currently max both my wifes and my ROTH and 401K. And was thinking of starting after tax accounts but then found out that they offer these other plans. The payroll department here had never heard of someone wanting to put more that 13,000 away a year so they said they will have to research if I can contribute to more that one plan and contribute more than 13,000. Their research could take months. If i could point them to some document that will tell them the answer It would speed things up. I am 24 so I can not take advantage of the catch-up contributions.

[Bob_Smith]

Here is one link that should reassure them you can do both a 403(b) and a 457 plan - scroll down to the fourth question in their FAQ:

http://www.gsu.edu/~wwwhre/benefits/...retirement.htm

You might want to find a few more employers that state it clearly on their sites.

EDIT: Here's another one:

http://hr.gmu.edu/benefits/tsa.html