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Subject:  Re: Am I eligible for a Simple/SEP IRA? Date:  3/17/2001  8:17 AM
Author:  W401K Number:  28479 of 88543

I believe the guy at Vanguard is correct. The Internal Revenue Code Section 402(g) sets the tax deferral limit for any one individual at $10,500 or 25% of pay whichever is lower. THere had been legislation introduced into Congress this week that will gradually raise this limit to $15,000. However, with the size of the tax cuts the President is proposing, allowing more pre-tax deferrals might have some difficulty passing.

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