457 transfers to non salary-reduction vendors?

[Guest sojourner43]

Our city has a 457 deferred compensation plan. The approved product providers are Great-West Life, Nationwide, Equitable, and ICMA.

Is there any governmental rules, IRS regulations, or laws, that would restrict an employee or retiree from transferring their account balance to a 457 product provider other than those listed above as approved product providers?

In other words...can a 457 plan participant transfer their account balance to any product provider qualified to accept the transfer...just as a 403(B) participant can do a 90-24 transfer?

Thanx,

James Jackson

[Carol V. Calhoun]

An employee has no ability to force a 457(B) plan to make a transfer from one contract to another, at least until the employee has a distributable event. Whether a transfer is possible depends on applicable state and local law, the plan document, and any documents establishing the various investment options.