401k and SIMPLE IRA

[littleman]

For 2005, can an individual participate in his employer's 401k plan while also participating in his own company's (S-Corp) SIMPLE IRA? If yes, is he restricted to a $14,000 deferral limit TOTAL between the two plans?

Will the same rules apply in 2006?

[Bees Knees]

Yes, yes, and yes, except 2006 the deferral limit is $15,000 instead of $14,000.