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Anybody aware of any IRS plan to begin auditing 457(f) plans sponsored


Guest David Blask
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Guest David Blask

Are you aware of any IRS plans to begin auditing 457(f)plans in school districts? Any comments on pairing a 457(f) and 403(B) in a district as a method of sheltering retirement incentive pay?

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Hi, David! IRS plans to begin auditing 457 plans by Spring - currently supposedly training the field examiners to audit those types of plans. While 457(f) was not specifically mentioned to me in my last discussion w/IRS, I would assume audit plans would include both eligible & ineligible plans. As to using 457(f)s - I'm seeing some of that happening in public schools - but not a great deal now that no nondiscrimination rules apply to employer contributions in governmental plans - mostly seeing 401(a) and 403(B) being used. The substantial risk of forfeiture required in 457)f) seems to be a deterrent (especially w/such employees as the superintendent of schools).

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  • 2 weeks later...
Guest bstarr@metlife.com

AUDIT BEING CONDUCTED @ L.A. UNIFIED. LOOKING FOR EXCESSSIVE CONTRIBUTIONS AND 415(g) VIOLATIONS. ALL PARTIES HELD JOINTLY AND SEVERALLY LIABILE: AGENT, DISTRICT,& TSA CARRIER.

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