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Tranfer of 457 Assets

Guest ronc

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We are a quasi-governmental Authority that has been participating in our State government's 457 plan for several years. We now want to set up our own 457 plan, but we are concerned about the impact on our employees' current 457 assets. Our employees would not be able to continue to participate actively in the State plan. Can anyone tell us whether we will be required to transfer all of the current accounts into our new 457, or will we be able to allow our employees to choose when, and if, their current accounts will be transferred? We view our accounts as:

1. Active accounts owned by active employees;

2. dormant accounts owned by active employees;

3. dormant accounts owned by terminated employees; and

4. accounts with current benefit distributions.

Because we will have 3 vendors, each will up to 10 investment vehicles, we would prefer to allow our participants to choose when and where their assets are transferred and then have the State transfer the funds as elected.

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