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Announcement and Request for Comments on Certain Plans of State and Local Government Employers under Section 457.

By United States Department of the Treasury

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Book Id: WPLBN0000231598
Format Type: PDF eBook
File Size: 0.1 MB
Reproduction Date: 2006

Title: Announcement and Request for Comments on Certain Plans of State and Local Government Employers under Section 457.  
Author: United States Department of the Treasury
Volume:
Language: English
Subject: Government publications, Tax & accounting series, Internal Revenue Service publication
Collections: Government Library Collection, U.S. Department of the Internal Revenue Service
Historic
Publication Date:
Publisher: United States Department of the Treasury, Internal Revenue Service

Citation

APA MLA Chicago

Service, I. R. (n.d.). Announcement and Request for Comments on Certain Plans of State and Local Government Employers under Section 457.. Retrieved from http://www.ebooklibrary.org/


Excerpt
Excerpt: Section 457 plans are nonqualified deferred compensation plans established by state and local government and tax-exempt employers. Under section 457(e)(11) of the Internal Revenue Code, certain bona fide sick, vacation, compensatory time, severance pay, disability pay or death benefit plans are treated as not providing for the deferral of compensation and are therefore excluded from section 457. If a plan is not a bona fide plan described in section 457(e)(11), the proper reporting of amounts under the plan generally depends on whether the plan is an eligible plan that meets the requirements of section 457(b) or an ineligible section 457(f) plan that does not meet these requirements. In order to be an eligible plan under section 457(b), the plan must meet a number of requirements, including the requirement that the amounts deferred for each year must generally not exceed the lesser of $8000 (for 1999) or 33 1/3 percent of compensation and must be subject to restrictions on the time of distribution.

 

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