457 contributions after 70
My client says his employer (government) won’t allow contributions after age 70 even though he is still working full time. I can’t find this anywhere. Please advise.
My client says his employer (government) won’t allow contributions after age 70 even though he is still working full time. I can’t find this anywhere. Please advise.
Permalink Submitted by Alan Spross on Tue, 2011-10-04 00:06
He might be correct.
Non qualified plans do not contain the “universal accessibility” provisions of qualified plans under which age cannot be a factor for contribution eligibility. My impression is that most 457 plans allow contributions at any age, so I would suggest that the client request a specific cite from the plan administrator indicating that contributions must stop.