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  1. Are all, some, or no private school teachers in the US allowed to contribute to a 457(b)? If "all" or "no", fine; I'm outta here. If "some", how about Ohio? Or can you give me a clue about where, if not here, I might go to find out? Dave Slomler
  2. I teach in an Ohio private Catholic school. I contribute to a 403b. I just learned about 457. Our HR dept [Diane] hadn't heard about a 457 plan after I learned about it. So what do I do? Is it even "legal" to go 457 in Ohio? The stuff I've read [not much at that] has left me totally uncertain. For instance, at http://457bwise.com/faqs/index.html#contributeboth: <<This FAQ section will focus on governmental 457(b) plans...Private plans — Non-governmental tax-exempt entity plans. Tax-exempt organizations that are non-governmental (hospitals, charitable organizations, unions, among others) must generally limit participation to a select group of management or highly compensated (also known as "top hat") employees.>> Well, that sure isn't me! <<This is due to the rules under Title I of the Employee Retirement Income Security Act of 1974 (ERISA). ERISA generally requires that a private retirement plan providing benefits to employees be funded by a trust or annuity contract. The rules, however, require that private 457(b) plans be unfunded in order to obtain tax benefits. Therefore, a plan will violate ERISA unless an exception applies. If a tax-exempt employer limits participation to a select group of management or highly compensated employees (or "top hat" group) then it is exempt from most ERISA requirements.>> Huh? Does anybody out there (1) teach in a private school (2) in Ohio and (3) contribute to 457? Or can you tell me where to look for more clarification? Thanks, Dave Slomer
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