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Are sponsors amending 457(f) plans or waiting for regulations?


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4 replies to this topic

#1 strayhorn

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Posted 10 November 2008 - 09:26 AM

Are plan sponsors amending their 457(f) plans now or waiting for issuance of regulations? Eliminating deferrals? Eliminating noncompetes? Adding materially greater benefits?

Edited by djoffe, 10 November 2008 - 09:36 AM.


#2 QDROphile

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Posted 10 November 2008 - 11:15 AM

I imagine that if a sponsor (or the sposor' advisers) were on the edge or ove the line on the law before enactment of section 409A they will do the same under the 409A regime. But flauting the law now is even worse than flauting it then.

#3 J Simmons

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Posted 10 November 2008 - 11:22 AM

457f Scoflaws beware! 409A is a bigger hammer.
John Simmons
jsimmons@ida.net


Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.

#4 Tauriffic

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Posted 07 February 2009 - 03:38 PM

See IRS Notice 2007-62. IRS will issue 457(f) regs but they will be substantially similar to 409A regs. One major difference to look for is the definitions of a "substantial risk of forfeiture." There was some discussion in the notice that the definition for SRF in the 409A regs may not be applicable to eligible 457 entities and that the 457(f) regs should therefore not include the same definition.

#5 strayhorn

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Posted 08 February 2009 - 12:43 PM

See IRS Notice 2007-62. IRS will issue 457(f) regs but they will be substantially similar to 409A regs. One major difference to look for is the definitions of a "substantial risk of forfeiture." There was some discussion in the notice that the definition for SRF in the 409A regs may not be applicable to eligible 457 entities and that the 457(f) regs should therefore not include the same definition.