retirement accounts for contract employees?

From: "Catherine Steinberg" <CSTEINBE@us.oracle.com>
Subject: retirement accounts for contract employees?
Date: 07 Aug 98 13:36:32 -0700

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Hi, Persfiners--

I haven't been following the list closely of late, so forgive me if my
question has been addressed recently. Here goes:

I'm currently a staff employee for a software company, and have been offered
a contract position at another company for about 50 percent more than I'm
making now. I have been participating in my current employer's 401(K) plan,
but as a contractor, this will no longer be an option. However, I still want
to sock away savings for retirement.

If I understand it correctly, I *can't* open a tax-deductible IRA in the
same calendar year during which I have participated in a 401(k) plan. Have I
got that right? What I need to know is this: What choices do I have in the
way of putting away pre-tax dollars in a retirement account this year? I
will be working through an agency on a W-2, but the agency doesn't offer a
401(k) plan, unfortunately.

Thanks in advance for any guidance.

Cheers,

Cathy



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