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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77084  
Subject: Re: 457 & 401k Date: 3/31/2000 8:24 PM
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Greetings, Raffsfuture, and welcome. You asked:

<<I currently contribute to the maximam, $8,000, to my 457. I understand that if I open a 401k along with my 457 the maximam monthly amount I can contribute is $666 for both combined. If I cease contributing to my 457 in July and open a 401k in July can I contribute to the maximam of $833 to the 401k without penalty or restriction?>>

That has to be something unique with your employer. Legally, you may contribute to both a 457 plan and a 401k plan at the same time and make tax deferred to both up to the legal limits for both. This year that's $8K for the 457 plan and $10.5K to the 401k. Thus, your total is $18.5K to both. I did that for the better part of a decade.

You should check with your HR folks to see why the limit for just one is placed on you.

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