| Publication 571 |
2001 Tax Year |
Chapter 8
Contributing to Both a
403(b) Plan & a 457 Plan
This chapter does not apply to years beginning after 2001. If in 2002 you contributed to a 457 plan, see your plan administrator for information on
figuring your allowable 457 contributions.
This chapter will help participants figure the maximum amount that can be contributed in 2001 to both a 403(b) account and a 457 account.
403(b) plan contributions only. If, in 2001, you were eligible to participate in both a 457 plan and a 403(b) plan but you chose to
contribute only to the 403(b) plan, the discussions in this chapter do not apply to you. Read chapters 2 through 6 to determine your MAC for
2001.
457 plan contributions only. If in 2001, you were eligible to participate in both a 457 plan and a 403(b) plan, but you chose
not to defer any compensation under the 403(b) plan, you will need to contact your plan administrator to determine your 457 plan
limits.
Definition of 457 plan.
A 457 plan is a nonqualified, deferred compensation plan established by state and local governments and tax-exempt employers. In many cases,
employers that allow employees to participate in 403(b) plans also offer 457 plans to their employees.
Before 2002, if you participated in both a 403(b) plan and a 457 plan, the 457 plan limits applied to the total combined contributions under both
plans. This means that the total contributed to both your 403(b) account and your 457 account for the year could not be more than the 457 plan limits.
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