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Showing results for tags 'Non-governmental 457(b)'.
Found 2 results
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A non-governmental 457(b) Adoption Agreement defines compensation as "Base Salary". A participant elected to have 5% of pay deducted and contributed to the plan in 2021. The plan sponsor paid a "COVID-19 Bonus" in 2021, withheld 5% from that bonus, and contributed it to the 457(b) Plan. The participant is fine with the 5% withholding so would a plan amendment to the definition of compensation to include bonuses suffice? Neither the plan sponsor nor the participant is interested in finding a way to remove the funds from the account that has been established. We're only talking about a $100 contribution so nobody wants to spend too much time on it, but I want them to do whatever is needed and to do it properly.
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Hi. We have a non-governmental 457(b) plan. Our NP is being acquired by a for-profit. Upon the deal, the 457(b) will be terminated. My question is how should we handle the distributions. We have 10 participants. The deal will happen this fall. Does the organization have to choose when to make the distributions? Or can each participant choose whether to receive his/her distribution in 2013 or wait until early 2014? The Plan's distribution options include lump sum as well as installment payments. So could a participant elect to receive part of his distribution in 2013 and the rest in 2014? I haven't been able to locate any guidance on this. Thanks.
