457 Plan Specialty Workshop (Half-day)

Please note: This program was offered July 2003. It will not be offered again until possibly 2008. We have left the 2003 program information here for you to use as a reference, in the event that you may be interested in an onsite presentation. For more information about a private seminar on this topic, please submit a Call me request.

 

Covering New FINAL Regulations!
Learn about these important regulatory changes:

  • Avoiding ineligible status by correction of excess deferrals in a tax-exempt sponsored plan
  • Liberalized rules for deferral of accumulated sick pay, vacation pay, and back pay
  • Liberalized 457 transfer rules
  • Restrictions on in-service distribution of non-457 amounts rolled into an eligible government 457 plan
  • Separate accounting and distribution ordering rules for rollovers into 457 plans
  • Compliance deadlines and document requirements

    There is no reason for practitioners to avoid the 457 plan market any longer because they do not understand the applicable Code, ERISA and regulatory requirements. Recent tax law and newly-released regulations have made significant changes to Code §457 plans, and many of these changes have made 457 plans more advantageous to employees. For example, Congress eliminated the offset of 401(k) or 403(b) elective deferrals against the 457 deferral limit, which made maintaining a 457 plan unfeasible for many employers. With the elimination of the offset, qualified employers should reexamine the benefits of maintaining a 457 plan. The 457 Plan Specialty Workshop will explain how to advise employers to take advantage of this and other favorable recent changes to the law.

    We will also explain the changes an employer will need to make in plan design and administration to comply with the final 457 regulations. Besides providing employers with much needed guidance, the final regulations signal the government’s intention to scrutinize such plans more closely. In fact, the IRS has recently indicated its intention to audit 457 plans, including "ineligible" 457(f) plans. Join us as we discuss the issues that IRS likely would raise in any 457 plan audit. You will leave better prepared to avoid these issues or to address them should they arise.

    Objectives
    After completion of the course, each attendee will be able to:

      Who Should Attend

      This specialty program is ideal for the practitioner, consultant, government representative, attorney, plan administrator, financial officer, employee benefits manager or human resource staff with 457 plan responsibility, and for representatives of mutual funds, insurance companies, banks, or others who market 457 plan services.

    • Determine when certain employees may double their deferrals ($24,000 for 2003) by maintaining a 457 plan and a 401(k) or 403(b) plan.
    • Explain the impact of the final 457 regulations and review a 457 plan for compliance.
    • Explain the requirements for an ineligible 457 plan (457(f) plan).
    • Design (or assist in the design of) a governmental or tax-exempt 457 plan.
    • Report a 457 plan distribution or direct rollover.
    • Understand the differences between a tax exempt and governmental 457 plan.
    • Explain the two 457 catch-up rules.
    • Explain why the rank and file employees of a tax exempt organization cannot participate in a 457 plan.
    • Determine deadlines for amending plans for regulations.