Get the free Request for Comments on Section 457 Plans

This notice invites public comment on possible changes to procedures relating to requests for private letter rulings under § 457 of the Code, particularly in regard to model amendments for existing

How to fill out request for comments on

How to fill out Request for Comments on Section 457 Plans

1. Begin by reading the specific guidelines for completing the Request for Comments on Section 457 Plans.
2. Gather all necessary documentation, including details about the Section 457 Plan and any relevant data.
3. Clearly outline your comments or questions regarding the Section 457 Plans in a structured manner.
4. Use bullet points or numbered lists for clarity, addressing each specific area of concern or suggestion.
5. Ensure that your submission complies with any formatting requirements specified in the guidelines.
6. Review your comments for completeness and accuracy before final submission.
7. Submit your completed Request for Comments through the designated channel, ensuring you receive confirmation of receipt.

Who needs Request for Comments on Section 457 Plans?

1. Government agencies or organizations implementing Section 457 Plans.
2. Employers offering Section 457 Plans to their employees.
3. Employees participating in Section 457 Plans wishing to provide feedback.
4. Policy makers interested in the effectiveness and performance of Section 457 Plans.
5. Advocacy groups focused on retirement and savings plans.

People Also Ask about

What is the 3 year rule for 457 catch-up?

Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of: the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).

What are the downsides of a 457 plan?

Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.

Which is incorrect concerning a section 457?

The incorrect statement about Section 457 plans is that they allow for special catch-up contributions in the last three years of employment prior to retirement. This is false, as they do not have provisions for this type of catch-up contributions.

What is the 3 year catch-up on a 457?

For 2025, this higher catch-up contribution limit is $11,250. This option is effective as of January 1, 2025 for plans that elect to adopt it. Limitations may apply as defined by the plan. Please contact your plan administrator should you require additional information.

At what age can I withdraw from 457 without penalty?

Traditional 457(b) Catch-Up: If you are within the three years prior to your Normal Retirement Age, you may be eligible to make a one-time election to defer additional money into your retirement plan.

For pdfFiller’s FAQs

What is Request for Comments on Section 457 Plans?

Request for Comments on Section 457 Plans is a process by which the Internal Revenue Service (IRS) seeks input from the public and stakeholders regarding proposed regulations or guidelines related to Section 457 retirement plans, which are primarily for governmental and certain non-profit employees.

Who is required to file Request for Comments on Section 457 Plans?

While anyone can submit comments, organizations and professionals involved in managing or advising on Section 457 plans, including employers, plan administrators, and employees are encouraged to provide input.

How to fill out Request for Comments on Section 457 Plans?

To fill out the Request for Comments, individuals should provide their insights, concerns, or suggestions regarding the Section 457 Plans in a written format, following any specific guidelines provided by the IRS, and submit it through the designated channels outlined in the request.

What is the purpose of Request for Comments on Section 457 Plans?

The purpose of the Request for Comments is to gather diverse opinions and information from various stakeholders to inform and improve the development of regulations and guidelines affecting Section 457 plans.

What information must be reported on Request for Comments on Section 457 Plans?

Commenters are typically encouraged to report on various aspects such as their experience with Section 457 plans, suggestions for regulatory improvements, and any particular issues faced by employers or employees in the context of these plans.