457f Defined Benefit

[Zoraster]

I saw where jpod asked a similar question back in 2013 (I was hoping he may have found an answer to it). My question is how to set up a 457f defined benefit that mimics a pension; multiplier x years of service x final pay. From what I have read, after the benefit is vested you would have to calculate the value of the future stream of income and the employee pay taxes on that amount. Each year this would be updated with the new accrual (e.g. The year applied to the multiplier and the increased salary the new multiplier is applied against) and the employee would pay taxes on the difference from the previous year?

What would be the best way to fund this type of DB plan? A Rabbi trust or just setting aside funds to payout a defined contribution on a vesting schedule while the employee is still employed seems fairly straight forward but how would that work for a DB plan? A rabbi trust seems questionable; what if it ran dry while the plan still had liabilities? Also, the organization would continue to have to pay to administer the plan long after the employee left. I guess this goes back to jpod's question back in 2013; could the organization purchase an unqualified annuity to pay out the defined benefit to the employee upon his retirement? Could that be setup in the original 457f agreement as an option? An annuity would seem like the best option for the employee that has left the organization (I.e. Change of heart; sticky fingers) and for the organization to remove the future liability.

Any good 457f plan administrators out there for a DB type of plan like this? The organization in question doesn't really have a lot of experience with 457f plans and would need to be as turn key as possible. Thanks for the help.