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Richard Parker

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Posts posted by Richard Parker


  1. It would have been so nice if the government differentiated the two 457(b)'s with an NP or G, but no....

     

    My understanding of a nonprofit 457(b) is that employee is required to take full distribution within 60 days of termination of employment. If employee doesn't, there are penalties to the employer. Is this just a provision in a TIAA-CREF NONGOVERNMENTAL 457(b) or is it law? What if your 457(b) is all in annuities - does that prevent a full cash-out? Have a great day.

     


  2.  

    I have reviewed by 457b Plan Restrictions

    Plans for these non-governmental entities are much more restrictive than governmental plans. For example, money deferred into these plans cannot be rolled over into any other type of tax-deferred retirement plan - only another non-governmental 457 plan. In addition, the money placed into these accounts is not held in a trust for the sole benefit of the employee that makes the deferral. Instead the money remains the property of the employer and therefore is available to creditors.

     

    I left my postion at my non profit and not currently employed by a non profit to be able to rollover to another 457b. What options are available to me in regard to my 457b?? Can I do anything?

     

     

    none other than to take the distribution as taxable income or leave it with your former employer.

     

     

     

     

     

     

    I have reviewed by 457b Plan Restrictions

    Plans for these non-governmental entities are much more restrictive than governmental plans. For example, money deferred into these plans cannot be rolled over into any other type of tax-deferred retirement plan - only another non-governmental 457 plan. In addition, the money placed into these accounts is not held in a trust for the sole benefit of the employee that makes the deferral. Instead the money remains the property of the employer and therefore is available to creditors.

     

    I left my postion at my non profit and not currently employed by a non profit to be able to rollover to another 457b. What options are available to me in regard to my 457b?? Can I do anything?

     

     

    none other than to take the distribution as taxable income or leave it with your former employer.

     

     

     

    Could this above answer be correct? I thought you were required to take a nonprofit (nongovernmental) 457(b) distribution within 60 days of terminating employment.


  3. Does anyone know whether an employer that establishes a 403(b) plan requiring an irrevocable election to contribute as a condition of employment may establish a second plan permitting elective deferrals?

     

    If that can't be done, I don't understand the point of Code 403(b)(12)(A), under which such elections are not treated as elective deferrals for purposes of the 402(g) limit.

     

    On the other hand, if it can be done, why couldn't it be done in the same plan? (Yes, I realize there's the "one-time" language in 403(b)(12)(A), but it doesn't have a heck of a lot of substance if the limitation can be overcome through elections in other plans.)

     

    TIA,

     

    Joseph

     

     

     

     

    Does anyone know whether an employer that establishes a 403(b) plan requiring an irrevocable election to contribute as a condition of employment may establish a second plan permitting elective deferrals?

     

    If that can't be done, I don't understand the point of Code 403(b)(12)(A), under which such elections are not treated as elective deferrals for purposes of the 402(g) limit.

     

    On the other hand, if it can be done, why couldn't it be done in the same plan? (Yes, I realize there's the "one-time" language in 403(b)(12)(A), but it doesn't have a heck of a lot of substance if the limitation can be overcome through elections in other plans.)

     

    TIA,

     

    Joseph

     

     

    We have both an irrevocable election (TAMRA) plan and a supplemental tax deferred annuity plan with TIAA. The TDA offers annuities and mutula funds. Employees can max out ($20,500 in '07) in the TDA because they are the only "elective" contributions.

     

    Richard Parker

     


  4.  

     

    A review has been requested in my org. to increase our 403(b) match to 10% of earnings based on a mandatory employee contribution of 5%. Does anyone know where I can find matching information for various employer plans, especially whether these high-matching employers contribute to Social Security? I would love to have some facts, data, comps, etc. for my proposal.

    Happy holidays.

    Richard Parker

     

     

    Is the 403b your organization's primary retirement plan?

     

    Peace and Hope,

    Joel L. Frank

     

     

     

    Yes. We have a TDA as well, but this 403(b) is the primary and only matched plan.


  5.  

    A review has been requested in my org. to increase our 403(b) match to 10% of earnings based on a mandatory employee contribution of 5%. Does anyone know where I can find matching information for various employer plans, especially whether these high-matching employers contribute to Social Security? I would love to have some facts, data, comps, etc. for my proposal.

    Happy holidays.

    Richard Parker

     

     

    Is the 403b your organization's primary retirement plan?

     

    Peace and Hope,

    Joel L. Frank

     

     


  6. A review has been requested in my org. to increase our 403(b) match to 10% of earnings based on a mandatory employee contribution of 5%. Does anyone know where I can find matching information for various employer plans, especially whether these high-matching employers contribute to Social Security? I would love to have some facts, data, comps, etc. for my proposal.

    Happy holidays.

    Richard Parker

     

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