Otto, who is 41 years old, was a participant in his employer-sponsored 401(k) plan during the early part of the year, prior to being terminated. He deferred a total of $10,000 into that plan. Later in the year, Otto becomes a participant in his new employers 403(b) plan and the employers public 457(b) plan. Otto can defer a maximum of $19,500 (2020) to each of the 403(b) plan and the 457(b) plan this year.

TRUE OF FALSE