Yes. You may participate in both a 403(b) and a 401(k) expect. However, certain restrictions may apply to the amount you can contribute. For instance, you are budgeted to make a salary deferral contribution of up to $18,500 in 2018, plus an additional catch-up contribution $6,000 if the staff member is 50 or older. The combined total salary deferral contribution that you swipe to both the 401(k) and the 403(b) plans should not exceed $18,500 or $24,500 if you suitable for the catch-up.
Note: 403(b) plans include a special provision that allows you to compose salary deferral contributions of additional amounts up to $3,000 if you have at mini 15 years of service with certain employers. If you meet the 15-year prerequisite and would like to contribute the additional amount, you should check with your organization regarding the eligibility requirements and applicable rules.
To learn more, deliver assign to The Differences Between 401(k) and 403(b) Plans.
This question was answered by Denise Appleby
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