The maximum for pre-tax or "Salary Savings" contributions under IRC Section 401(k) limitations is the lesser of $15,000 for the year 2006 (plus $5,000 "catch-up" contribution for 2006 calendar year). Other limitations on contributions, such as total contribution (combined employee and employer) or testing requirements, may reduce that maximum for a specific employee, plan, or plan year.

For 2007, the maximum amount an employee can contribute to a 401(k) plan is $10,500, except for catch-up contributions for employees age 50 or over, which adds another $2,500. There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit. The maximum you can contribute will depend on your salary and the type of 401(k) plan to which you are contributing. See similar questions...

The Internal Revenue Service (IRS) limits the amount of salary you can defer to this or any other plan on a tax-deferred basis. In 2007, the annual limit is $15,500. Note that if you are 50 or older you are eligible to defer an additional $5,000.00 for the year 2007. See similar questions...

No. You must be employed by any of the contracts that are eligible under the plan and all salary deferrals must be before taxes are taken out. See similar questions...

Deferred Salary Contributions can only be made from taxable income. If you are being paid expenses you can only make deferrals from taxable overscale per diem. See similar questions...

with your plan administrator for the details and availability of the loan and the repayment provisions. The mortgage lender will need to know the amount owed, repayment term and monthly payment. See similar questions...

For 2004: A: Employees under 50 can contribute up to 100% of their earnings (not to exceed $13,000) as an employee contribution to their Solo 401k plan. (Employees who are older than 50 (or who turn 50 in 2004) can contribute up to 100% of their earnings not to exceed $16,000) as an employee contribution to their 401k plan. For 2005: A: Employees under 50 can contribute up to 100% of their earnings (not to exceed $14,000) as an employee contribution to their Solo 401k plan. See similar questions...

For 2000, if you participate in an employer-sponsored retirement plan such as a 401(k), you can deduct the maximum $2,000 annual IRA contribution only if you are: If you are single and earn more than $42,000 or married-filing-jointly and earn more than $62,000 you can still contribute to an IRA, but you can't deduct your contribution. On the other hand, money you contribute to an IRA still enjoys the benefit of tax-deferred growth until you withdraw it at retirement. See similar questions...

Your 401(k) plan helps you start regular investing, and stick with it. Your contributions are automatically deducted from your salary before you receive your check. Since the money is deducted from your gross income, you will have a lower taxable income, which means you will pay less in annual taxes. The money you save will accumulate on a tax-deferred basis. This means you pay no federal or state taxes on your contributions or investment earnings until you start withdrawing money from the plan. See similar questions...

Employer contributions are limited by the total participating compensation and testing requirements for the employee and Plan levels. Generally, the total contribution for an individual employee would be limited to the lesser of 25% of recognized compensation or $44,000 for the year 2006. On the Plan level, the total employer contributions is limited to 25% of total participating compensation. See similar questions...

Yes. Current tax law (EGGTRA tax reform legislation passed in 2001 and effective beginning January 1, 2002), permits an individual under Portability provisions to transfer funds from a 401(k) plan offered by a for-profit corporation to a 403(b) plan such as the plan offered by Northwestern University and vice versa. Individuals wishing to do so should contact their investment companies. See similar questions...

IRA can be rolled over into a qualified retirement plan, assuming the qualified retirement plan has language permitting such rollovers. See similar questions...

No, it is not a new type of plan. Designated Roth contributions are a new type of contribution that can be accepted by new or existing 401(k) or 403(b) plans. This feature is permitted under a Code section added by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), effective for years beginning on or after January 1, 2006. See similar questions...

Yes, we want to help our nurses plan for the future, so we offer the best 401(k) program in the industry. k) Safe Harbor Plan Eligibility: First of the month following 90 days of employment; must be at least 21 years of age. Company Match: 100% of contributions up to the first 3% of compensation plus 50% of contributions up to the next 2% of compensation Contributions: Employee may contribute up to $13,000; Age 50 and over may contribute up to an additional $3,000. See similar questions...

A 401(k) safe harbor plan is a 401(k) plan that automatically satisfies the nondiscrimination rules for elective deferrals and matching contributions. For a 401(k) plan to be considered a safe harbor plan, employers must satisfy certain contribution, vesting, and notice requirements. See similar questions...