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13 May, 15:32

Henry Hobbs, age 51, has compensation of $72,000. The normal retirement age for his 457 (b) plan is age 62. Henry has unused deferrals totaling $21,000 as of January 1, 2019. How much can Henry defer into his 457 (b) public plan for 2019?

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  1. 13 May, 18:58
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    Henry's maximum amount defer in public plan is = $25000.

    Explanation:

    given data

    age = 51

    compensation = $72,000

    normal retirement age = 62

    unused deferrals totaling = $21,000

    to find out

    How much can Henry defer into his 457 (b) public plan for 2019

    solution

    we know that as per plan 457 (b) is an Employer sponsored

    and tax favored retirement savings account

    so here in 2019 Employees can contribute = upto $19000

    and

    Employees over age = 50

    he can contribute additional = $6000

    and making maximum contribution limit = $25000

    so here

    Henry's maximum amount defer in public plan is = $25000
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