On Fri, 1 Feb 2008 11:25:16 EST, Ilja Friedel <ilja[at]friedel.ws> wrote:

- quote -

Can't answer for CALPERS, but in our state (SC) public employees are
allowed to contribute both to the State 457 and the State 401k (both
run by state for those eligible for state plans). Can do max to each.
Our plan automatically moves excess to the other plan. So ask CALPERS
if she can move excess into the 401k. (IRS allows it, I suspect
whether CALPERS allows this in their plan documents.)


-HW "Skip" Weldon
Columbia, SC

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On Feb 1, 8:25*am, Ilja Friedel <i...[at]friedel.ws> wrote:
- quote -


I believe the answer to the first question is yes, and the answer to
the second question is no. This is a very specific question related
to the California Public Employees Retirement System (CalPERS). Your
friend needs to get advice from the administrators of both of those
accounts.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

A friend of mine (younger than 50 years) contributed USD 16'000 to her 457
account with Calpers in 2007 (her contributions were not cut off
automatically). Does she need to ask the administrator to remove USD 500
before April 15th? If yes, does she have the option to transfer the excess
to her Calpers 401k account (which did not max out)?

Thanks,

Ilja.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >