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.>>
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?