What Is A Governmental 457 Retirement Plan?

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    David RacichPRO
    Fountain Hills, Arizona
    Assuming you’re referring to 457(b) retirement plans, 457(b) deferred compensation plans that are available in government and non-government organizations under 501(c). There’s no 59 ½ penalty as long as the plan participant is retiring or ending employment. Government 457 can be rolled personal over to IRAs. Nonprofit workers can only roll their 457 plans over to another 457 plan. 2013 contribution limits are $17,500 and an extra $5,500 if you are age 50 or older.
     
    Answered on June 29, 2013
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