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buyout


Guest lp13

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Hello,

My name is Mike and I am new to the board. I have been referred to you by 403bwise.com.

My school district is having a buyout this year and we are trying to determine how we can shelter the money for our soon to be retired colleagues. 403 or 457 and we have many questions. To be specific, these are the things we are trying to solve:

1. Our retirees will be getting 4 payments over the next two years.

Is a 457 plan the best way to shelter this money?

2. How does the 457 plan work?

3. How long does it take to set this up?

4. Does the district save FICA if the money is directly deposited? If so, why?

5. Does it work like an annuity, i.e. do you have to "buy"from a specific company?

6. What is a defined group in terms of this type of plan?

7. Give reasons why a person would want the money put directly into a 457.

8. Give reasons why a person would NOT want their money put into a 457.

9. How does a person get the money out of his/her 457? What are the penalties?

Any sort of advice or help would be great. Thanks in advance.

My email is makouri@novi.k12.mi.us

Thanks again,

Mike

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