<p>1018. Do you have multiple retirement plans and are unsure how they fit together? Laura answers a listener’s question about having a 403(b) and a 457 plan at work, and a potential second job with a 401(a). Knowing the rules of various retirement plans helps you take full advantage of them and avoid potential mistakes and penalties.&nbsp;</p><br><p><strong>Key takeaways</strong></p><ul><li>The names of workplace retirement plans come from the sections of the Internal Revenue Code that govern them.&nbsp;</li><li>Plans from different sections of the tax code operate independently, allowing you to double or triple-dip maximum contributions.</li><li>Plans from the same section of the tax code, such as a 401(k) and a 403(b), are subject to one shared annual contribution limit.</li><li><strong>A 403(b) can be offered by public schools, hospitals, and non-profits; it allows an extra catch-up contribution for long-term employees.</strong></li><li>A 457 plan has different types of accounts, but the governmental 457(b) is the most common. It allows an extra catch-up contribution and no early withdrawal penalties.</li><li>A 401(a) is typically offered by government agencies, schools, and non-profits. It usually has mandatory participation and a high annual contribution limit.</li></ul><p><br></p><p>Discover more from Money Girl!</p><p><a href="https://www.facebook.com/MoneyGirlQDT" rel="noopener noreferrer" target="_blank">Facebook</a></p><p><a href="https://www.quickanddirtytips.com/newsletters" rel="noopener noreferrer" target="_blank">Newsletter</a></p><p>Transcripts available at <a href="https://www.quickanddirtytips.com/transcripts/money-girl/" rel="noopener noreferrer" target="_blank">QuickandDirtyTips.com</a>.</p><p>Email: [email protected] or leave a voicemail: (302) 364-0308.</p><p><br></p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>