Executive Compensation for Tax Exempt Organizations: A Primer On Section 457(b) And 457(f) Plans

American Bar Association Joint Committee on Employee Benefits [JCEB]

A primer on 457 plans to help benefit plan advisors to not for profit and governmental entities to guide companies to avoid traps for the unwary and achieve their objectives in deferring compensation for executives.

After a high-level discussion of executive compensation at not for profits, we will explain the difference between eligible plans (457(b), which can be for not for profits and governmental entities) and ineligible plans (457(f), which are exclusively for non-governmental tax-exempt organizations), and how they compare to plans at for-profit organizations. The presentation will focus on differences in the rules for governmental entities and other tax-exempt organizations, such as the coverage and distribution rules. The presentation will also include identification of plans that are not 457(f) plans and the relationship between 457(f) with 409A.

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