We have an employee who worked for one employer from Jan 1, 2007 until May 31, 2007 and during that time he deferred $7,100 into a 403(b) plan and the plan had a limit of $15,500 for the year. He stopped working for this employer 5/31/07.
July 5, 2007 he started with a new employer and he is eligible to participate in the new employer's SIMPLE IRA with a $10,500 limit for 2007. Since he already deferred $7,100 into the 403(b), what is his limit for the SIMPLE IRA for the remainder of 2007?
Thank you for any help you can provide.