457(b) Distributions Post-EGTRRA

[lkpittman]

How do the consent rules of 401(a)(11)/417 now apply to 457(B) plans? Is consent of participant required for distributions in excess of $5000 or at all?

[mbozek]

The consent rules do not apply to a 457 plan- Therefore it is up to the employer to decide whether the employee would be required to submit a request for a distribution. This a design issue. In most plans the employee does not make an election of benefit at the time particpation commences. Also a participant may make a one time election to defer commence of benefits after benefits beccome available.