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James, age 58, has compensation of $150,000 and wants to defer the maximum to his public 457(b) plan. The normal retirement age for his plan is 60. How much can he defer in 2013 if he has an unused

James, age 58, has compensation of $150,000 and wants to defer the maximum to his public 457(b) plan. The normal retirement age for his plan is 60. How much can he defer in 2013 if he has an unused deferral of $60,000 from age 40 to 49? Please show work for full credit.

a. $17,500

b. $23,000

c. $35,000

d. $40,500

 

Jul 11 2021 View more View Less

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