Covered by simple ira established by her employer

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Reference no: EM132022798

1. Emily, age 47, is covered by a SIMPLE IRA established by her employer. In 2018, she earned $350,000. Her employer does not use a matching 3% contribution, rather a 2% non-elective contribution. What is the maximum 2% non-elective contribution her employer can make in 2018?

$7,000

$9,500

$8,000

$5,500

2. Johanna, age 63, has been a professor at the University of Florida for the last 20 years. She has never deferred any money into her 457b plan. She has maxed out her 403b plan contributions. She will attain her normal retirement age under the 457b plan in 2019. How much can Johanna contribute to her 457b plan for 2018?

$12,500

$37,000

$55,000

$18,500

Reference no: EM132022798

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