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457(f) documents


Belgarath

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Let me start by stating that I've never had anything to do with 457(f) plans, so I'm asking this question from a position of almost complete ignorance. (I guess that qualifies me to run for Congress...)

A client (501©(3) if it matters) has a 457(f) document that was drafted in 2008 or very early 2009. My question is this: Have there been updates in the laws (409) or otherwise) that would automatically require this document to be updated? In other words, if no updates since original drafting, are they automatically out of compliance, or might they still be ok? I realize this will ultimately need to be resolved by the client's legal counsel, but I thought I'd like to just have some idea of potential issues.

Thanks.

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If the charity indulges an assumption that it received good advice and drafting when it made a document, it is possible that later tax-law changes have been modest enough that the document still follows the employer's intent. But one really can't know that but for reviewing the document and the employer's circumstances.

Consider also that the plan might have been made under a set of assumptions about the employer's and its employee's facts and circumstances, and that later events might have changed the facts.

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania

215-732-1552

Peter@FiduciaryGuidanceCounsel.com

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