I would like to maximize my contribution to my 403b, but I work for two employers (hospitals). The VA matches up to 5% so I would like to contribute 5% of my VA pay to a 403b. My other hospital provides a set % of my income to retirement. I want to meet the maximum for retirement (16.5k). If I accidentally contribute an extra $100 or so to my 403b contribution to the second hospital, and I am over the 16.5k limit, can I fix this later? I want to be sure to contribute 5% to the VA but am worries I may not decrease my contribution to my other hospital enough. I can change contribution amounts month by month as needed.

Zip Code: 02114

That's great that you're trying to max out your retirement plan contributions this year.

If you work for more than one employer and end up overfunding your 403(b) by $100, you can do two things. One option is to keep the money invested within your 403b account. You will add that $100 back to your taxable wages for that year. The downside to this option is that this money will be taxed again when you retire.

The second option is to instruct the benefits department of one of the hospitals to refund you the $100 of excess contributions plus any earnings on that money.

Please let us know if this doesn't answer your question.

Zip Code: 01801

Are there penalties to keeping any small surpluses in the accounts?