457(f) Plan - questions about reporting on 990 and misc.

[waid10]

Hi - I have a couple of questions related to a 457(f) Plan.

Here is the situation: The organization is a hospital and wishes to benefit two groups of physicians. One group is comprised of non-employed independent contractor physicians. The other group of physicians is made up of hospital-employed physicians.

1. Is there any reason that a 457(f) plan cannot cover both non-employee independent contractors as well as employees?

2. Am I correct that all deferred amounts for key employees must be reported on the organizations Form 990? And this applies for amounts deferred whether or not vested? So that means, every year the hospital would have to report amounts credited to the key employees' accounts whether or not vested, and whether or not distributed?

What if there are no key employees that benefit under the plan? The two groups of physicians in this case are not part of management and don't seem to fit the definition of "key employee". Does that mean that none of their deferred amounts need to be reported?

Thanks.