Q. Are there any provisions that are optional for a 457 plan?
A. Certain provisions are optional, such as:
- the age 50 catch-up limit;
- the special 457 catch-up limit; and
- distributions for:
- unforeseeable emergences;
- loans;
- plan-to-plan transfers;
- additional deferral elections;
- acceptance of rollovers; and
- involuntary distributions of smaller accounts.
However, the plan document must contain provisions for any of the options that the employer wishes to include in the plan.
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