"[T]he deferral rules for governmental 457(b) plans generally require an election to defer (or a change in an existing election) to be made during the calendar month prior to the calendar month in which the subject income would be paid. Although there is an exception for a newly hired employee who is becoming eligible for the plan for the first time -- which allows an election to be made in the first month of employment when the employee is being paid -- that initial election must be made on or before the employee's first day of work."  MORE >>