Sections 409a And 457

Author : Gary S. Lesser
Publisher : Aspen Publishers
ISBN 13 : 9780735565944
Total Pages : 736 pages
Book Rating : 4.5/5 (659 download)

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Download or read book 457 Answer Book written by Gary S. Lesser and published by Aspen Publishers. This book was released on 2007 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 457 Answer Book is an in-depth resource that provides answers to the questions that tax-exempt organizations, state and local governments, their accountants, tax and legal advisors, 457 administrators, product providers, and investment counselors need to know. Guiding readers through all aspects of 457 plan administration -- from installation through the audit process -- the 457 Answer Book describes: the duties and responsibilities of those performing the functions; the required legal, accounting, and administrative tasks; checklists that facilitate control of each administrative process; and suggested forms. The 457 Answer Book also provides: The history and legal origins of the plan Design and drafting standards Suggested administrative procedures Data processing and payroll considerations Operations and fund flow mechanics Marketing and sales suggestions And much more 457 Answer Book has been updated to include coverage of: ; A new chapter on Fiduciary Duties to a Governmental Deferred Compensation Plan that concerns duties to an eligible deferred compensation plan maintained by a state or local government employer A completely revised chapter on ineligible plans under Code Section 457(f), that discusses plans designed to provide benefits to executives of tax exempt and governmental organizations beyond the dollar limits applicable to eligible 457 plans, and includes analysis of nonqualified deferred compensation plans subject to tax under Section 457 When an acquirer can refuse to accept responsibility for a tax exempt acquiree's 457(b) plan Changes made by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which permits governmental 457(b) plans to establish designated Roth accounts and permits governmental 457(b) plans, 401(k) and 403(b) plans to adopt in-plan Roth rollover provisions A checklist of administrative differences between a pre-tax deferral account and a designated Roth contribution account Reporting of direct in-plan Roth rollovers (IRRs) and distribution from designated Roth accounts on Form 1099-R Reporting of designated Roth contributions to a governmental 457(b) plan on Form W-2 How the RMD rules apply to designated Roth accounts Reporting of distributions of excess deferrals and designated Roth contributions from a governmental 457(b) plan When amounts in a governmental 457(b) plan's designated Roth account can be used for unforeseeable emergency distributions in a 457 plan The Supreme Court's decision that a fund adviser's fee need not be the lowest fee that would have resulted from arm's-length bargaining Whether amounts withheld from wages as contributions to 457 plans or amounts necessary to repay 457 plan loans are included in the definition of disposable income under the Bankruptcy Code The rules that apply to the deferral of compensation under a 457(f) plan and a discussion of the limitations to the amount of compensation that may be deferred under a 457(f) plan A discussion of when the HEART Act's requirement that a death benefit be paid when a participant dies while performing qualified military service apply to a 457 plan and when amendments to comply must be made to governmental 457(b) plans When the establishment of a group trust for a 457(b) plan is advantageous A discussion of how governmental pension plans are funded and what happens if the governmental unit does not properly fund its pension obligations