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hockeymat7

457 Plan Eligibility

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Hi all I am new to the forum and need some help regarding 457 plans.

 

I run a business that falls under 501©(6) of the Internal Revenue Code (non profit company) and I was told by someone that a 457(b) plan is a viable option for our company.

 

I have read the language of 457 and the benefits seem attractive to me but I cannot find out if my company is even eligible.

 

Based on what I have stated so far does anyone know if my company is eligible or at least point me in the direction of some information about this? I don't want to hire a tax lawyer or CPA if not necessary to answer this seemingly simple question (I say seemingly because I still haven't found the information I need)

 

Thanks in advance.

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A tax exempt employer such as a non profit organization under IRC 501©, including 501©(6), would be eligible to establish a 457(b) plan for "top hat" management.

 

 

The IRS has a web page in the Retirement Plan Community section devoted to IRC 457(b) Deferred Compensation Plans at www.irs.gov/retirement/article/0,,id=172437,00.html Also, you may want to check out the IRS Retirement Plans Navigator at www.retirementplans.irs.gov/choose-a-plan/tax-exempt-plans/457b---tax-exempt-organizations-non-church/

 

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