Combine total for 403B and 401K exceeding IRS limit
Need guidance on how we can ensure that the combine total doesn’t exceed IRS limit
We have employees who have assignments with multiple legal employers and are eligible for 403B and 401K plan. I need guidance on how we can ensure that the combine total doesn’t exceed IRS limit.
Here is an example:
Employee – Jack (ID 24546) has one assignment each with the following LE:
- Legal Employer called “ABC Corp” – 403B (E24546)
- Legal Employer called “XYZ Corp” – 401K (E2456-2)
Jack is contributing to both the plans, and we want to ensure that his total contribution doesn’t exceeds the annual IRS limit.