|
Description |
403(b) | 403(b)(7) | 401(k) | Deferred Compensation Plan 457 |
|---|---|---|---|---|
| Eligibility | Employees subject to FICA withholdings |
Employee must contribute to TSERS or ORP to be eligible for 401(k) participation | Non-temp employment status at .5 FTE (working 20 or more hours per week) | |
| Minimum Contribution | $200.00 per calendar year | $20.00 per month | ||
| Maximum Annual Contribution | For all plans except the 401(k), 100% of taxable income not to exceed $16,500 in 2009 (401(k) limit is 80% of taxable income). Additional plan specifications may apply. | |||
| Plan Aggregation | Combined, contributions to the 401(k), 403(b) and 403(b)(7) plans cannot exceed the maximum annual contribution limit | No rules apply; contributions are in addition to those made to 401(k) and/or 403(b) plans. | ||
| Catch-up Provisions | Participants who attain age 50 by the end of a plan year may defer an additional $5,500 in 2009. | Participants who attain age 50 by the end of a plan year may defer an additional $5,500 in 2009. | ||
| Loan Provisions | The 401(k), 403(b) and 457 plans include loan provisions. | |||
| Early Withdrawal | Generally, all plans provide for early withdrawal options based on specific circumstances. Additional provisions apply depending on the plan including taxes and penalties for early distributions. | |||
| Minimum Withdrawal Age | Withdrawals prior to age 59 ½ are subject to a 10% early distribution penalty. Other penalties for early withdrawal may apply. | Withdrawal after termination of employment is not subject to penalty, regardless of age. | ||
| Minimum Required Distribution | Plan participants must commence a minimum distribution no later than April 1st of the year following the date on which the participant attains age 70 ½. Minimum required distributions are not required for participants who are actively employed at age 70 ½. | |||
| Portability Provisions | Generally, rollovers and transfers to other qualified plans and Individual Retirement Accounts are allowed upon termination of employment/retirement. Depending on the plan type, limitations may apply. Plan rules determine portability and transferability of accounts; typically, the most flexibility is within the 401(k) and 457 plans | |||