Employee deferred comp
Client is 70yrs old and still working. Stepped down from CEO and accepted an alternate occupation within the same charitable non-profit organization.
He has an employee deferred comp plan…I think it is a 457 plan.
- Since he is over 591/2, can he rollover/transfer this plan to an IRA?
- or if he rolls over it will be taxed?
- does he lose any benefit by rolling over to an IRA if he can?
Thank you
Douglas
Permalink Submitted by Alan - IRA critic on Wed, 2024-10-30 15:49
The only type of 457 plan that can be rolled over to an IRA is a govt 457b. Since the employer is a charity, this plan is not eligible for rollover. The plan provisions determine the distribution options.