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


Guest strayhorn

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Guest strayhorn

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

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457f Scoflaws beware! 409A is a bigger hammer.

John Simmons

johnsimmonslaw@gmail.com

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.

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  • 2 months later...
Guest Tauriffic

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.

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Guest strayhorn
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.
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