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Non-Qualified Plans for Federal Credit Unions
BenefitsLink Message BoardsLink to more items from this source
Jan. 14, 2021

"A federal credit union wants to offer its executives a non-qualified plan. As a tax-exempt employer, they had inquired about creating a 457(b) plan. After an initial discussion regarding the deferral limits applicable to 457(b) plans, they wanted to explore either 457(f) or 409A. During my research, I have come across discussions regarding the issue of how FCU's should be classified (PLR 200430013 and IRS Notice 2005-58) and that effect on what type of NQ plan they can sponsor. It's not clear to me whether or not this issue has been resolved, particularly if the plan is just now being created. Can a FCU create and sponsor a new plan under 457(b)? 457(f)? 409A? If so, is there a good reference source for guidance on the best options available?"

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