Author Topic: Job transition maximum contribution question  (Read 1136 times)

Suit

  • Bristles
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Job transition maximum contribution question
« on: October 08, 2017, 01:52:20 PM »
I'm leaving my job where I have a 457 and I am close to maxing out on contributions this year but won't max out before leaving. I'm transitioning to a job with a 401k. Does anyone know if the limit is a total 18,000 per year between the two jobs or if I can go over that?

lhamo

  • Walrus Stache
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Re: Job transition maximum contribution question
« Reply #1 on: October 08, 2017, 02:08:42 PM »
Total 18k per year of your contributions.

Gone_Hiking

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Re: Job transition maximum contribution question
« Reply #2 on: October 08, 2017, 02:12:34 PM »
Congratulations on the new job!  The limit stays the same regardless of the number of employers - 18K for this year total.  The 401(k) provider at your new job will not be aware of your previous contribution and will not stop you from contributing too much and it is up to you to calculate the correct amount of deferment.

Suit

  • Bristles
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Re: Job transition maximum contribution question
« Reply #3 on: October 08, 2017, 02:29:45 PM »
Thank you both, I appreciate it!

lhamo

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Re: Job transition maximum contribution question
« Reply #4 on: October 08, 2017, 04:58:07 PM »
Oops -- sorry.  Was reading on my phone and missed that your current plan was a 457.   You should be able to contribute to the 401k separately up to the 18k limit for the year, if the plan allows you to contribute upon hire, but best to check with HR/the plan administrator to make sure.

Suit

  • Bristles
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Re: Job transition maximum contribution question
« Reply #5 on: October 08, 2017, 09:39:22 PM »
Great! Thanks!