457(b) rollover possible?
Is it possible to roll a 457(b) for a tax-exempt organization into an IRA? I am told it can be done for a governmental 457(b), but NOT a tax-exempt organization 457(b)…..
Is it possible to roll a 457(b) for a tax-exempt organization into an IRA? I am told it can be done for a governmental 457(b), but NOT a tax-exempt organization 457(b)…..
Permalink Submitted by Al Fry on Thu, 2008-04-17 20:42
The information you were given is correct.
Permalink Submitted by Jim Giles on Mon, 2008-04-21 13:36
Can they roll it out of the 457 Plan while they are still employed by the government?
Permalink Submitted by Alan Spross on Mon, 2008-04-21 19:05
Generally not unless they apply due to an “unforeseen financial emergency”. In addition, small distributions up to 5,000 are often available for small balance plans that have not been contributed to for a couple years.
There is no age based qualification such as age 59.5 as there is for 403b plans.
Permalink Submitted by Ben Martorana on Thu, 2008-09-11 23:39
If you are officially retired from a government position with a 457 and/or a 401A, but are still employed on a part time basis at that position and still contributing, can you do a rollover. We have been advised that we can take distributions once we are collecting a pension, even though we are working part time. Would that apply to rollovers as well?
Permalink Submitted by Alan Spross on Fri, 2008-09-12 02:20
If you can get normal distributions, you should generally be able to complete a rollover as well, but a plan may have some special provision that applies to this.