My new employer offers 401K. My question is, does contributing to Pension Retirement account impacts 401 contribution limit? Thanks
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No.
My last paycheck for September 2021 shows YTD Retirement contribution of 8K. So, that means I can still contribute full $19,500 into new employer's 401K. Is that correct?
Did the old employer have a 401K or a 403(b) plan ?
If they are both a 401K then you cannot not exceed the max allowed between both plans ... let the new employer know how much you have already put in and then make sure you don't go over. If you do you must alert the last employer of the excess so it can be removed timely.
Certainly, @samtx definitely needs to make sure the exact type of plan that was with the former "state" employer..
But.......... an 8% mandatory contribution implies to me that it would likely have been a 414h plan and not a 403b plan (nor a 401k)
but he really does have to check his plan documents to make absolutely sure what type it was.
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