I am currently an employee of a group and will be eligible to contribute salary deferrals to our groups 401K plan (after 12 months of service) as Jan 1, 2008. I will then enter partnership starting Sept 1, 2008. Will my retirement contributions for 2008 be limited to 15.5K or 45K.

For businesses that offer 401k plans, the total amount contributed into their staff's retirement accounts is a combination of salary deferrals, matching contributions, and additional profit sharing plan contributions.

For 2008, the maximum salary deferral is $15,500, while the maximum total contribution into the plan for the year is $46,000. Please note that the $46,000 includes the salary deferrals.

You should probably speak with the practice's business manager, or the plan administrator, to find out how much the group generally contributes on behalf of its staff and its partners.

Zip Code: 01801