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I stand corrected on the amounts a person can contribute to ALL qualified plans. That amount is 10k for 1999 and 10.5k for 2000.

I also want to say that there is a simple sep ira available and that is the plan that i thought he was talking about.(below is an excerpt from the FOOL)

A Simplified Employee Pension (SEP-IRA) is an IRA set up by an employer for a firm's employees. An employer may contribute up to $30,000 or 15% of an employee's compensation annually to each employee's IRA. (See SIMPLE).

A Savings Incentive Match Plan for Employees IRA (SIMPLE-IRA) is an IRA set up by a small employer for a firm's employees. Employees may contribute up to $6,000 per year to these IRAs and will receive some level of a matching percentage of pay from their employer. Between the employer and the employee, up to $12,000 may be contributed annually to the participant's account. (See SEP).

Once again I stand corrected and thank wallyjr for the help.

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