How 457 plans work. Section 457 of the Internal Revenue Code covers deferred compensation plans for state and local government entities as well as any organization that is exempt from income tax.

Prior to the enactment of Section 409A, 1 the general income tax rule was that compensation deferred under an ineligible and unfunded Section 457(f) plan was includable in gross income in the ...

This affects Section 457(b) eligible deferred compensation arrangements maintained by state or local governments and is optional for distributions in plan years beginning on or after January 1, 2020.

How 457 plans work. Section 457 of the Internal Revenue Code covers deferred compensation plans for state and local government entities as well as any organization that is exempt from income tax.

In an exposure draft titled Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32, GASB recommends that if a ...

Section 457 of the Internal Revenue Code was enacted in 1978 to restrict the ability of employees of state and local governments to defer portions of their compensation. Section 457 was further ...

I am a 44-year-old physician who works for a nonprofit hospital system. I am eligible to contribute to a 457 plan that was instituted at our hospital. I contribute the maximum amount to my 403(b ...

Drinker Biddle says the IRS is getting ready to issue long-anticipated regulations governing Internal Revenue Code Section 457(f) plans. In an alert sent out by the law firm to its clients, Drinker ...

Current GASB guidance explicitly excludes Sec. 457 plans from the pension standards. The proposed guidance also would supersede the remaining provisions of GASB Statement No. 32, Accounting and ...

Since the enactment of Section 409A, however, an “eligible” plan would be subject only to Section 457 treatment on the deferred compensation death benefit, while a Section 457(f) ineligible ...