For 457(b) plans for governmental and tax-exempt organizations, there is no:
- determination letter program;
- pre-approved plan program; nor
- special remedial amendment period.
However, governmental 457(b) plans have a special correction period.
In an Issues Snapshot , the IRS spelled out written plan document requirements for 457(b) plans:
- The document must contain provisions in the regulations under Internal Revenue Code Section 457(b) and statutory changes.
- The written plan document must be adopted before the first day of the month in which the compensation is paid or made available in order to provide that compensation has been properly deferred by salary reduction.
- The plan document must contain provisions for any “optional” provisions.
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