The following chart is a comparison of each Plan's distribution provisions. Latest begin date April 1 of the calendar year following the year in which the employee attains age 70 or terminates state employment for both plans. No tax penalty.
Distribution is taxed in the year received as ordinary income.
Filing deadline of distribution form 60 days prior to requested date. 50 days after leaving state employment. Begin date can be postponed only once, amount and frequency can be changed up to 30 days prior to begin date. Yes, into an IRA or other qualified plan when eligible for withdrawal. Yes, but only to another eligible 457 Plan.