Source: http://aaronalonzo.com/glossary
Timestamp: 2018-04-19 13:48:35
Document Index: 768709299

Matched Legal Cases: ['§403', '§403', '§403', '§457', '§457', '§401', '§403', '§457', '§457', '§457', '§457', '§401', '§401', '§401', '§401']

How does a §403(b) plan work?
What is the difference between Traditional §403(b) accounts and Roth §403(b) accounts?
However, with Non-Governmental §457(b) Deferred Compensation Top Hat plans, the deferred compensation is considered to be an asset of your employer until it is paid out to you at retirement, when ordinary income taxes will apply.
Salary deferrals may be made to a non-governmental §457(b) in addition to making the maximum contribution allowed to another employer-sponsored retirement plan [i.e. §401(k) / §403(b)]. This means you can save up to twice the normal maximum contribution limit each year by contributing to both plans.
Furthermore, catch up contributions may be made to a non-governmental §457(b) account in the three years immediately preceding the attainment of “normal” retirement age. This deferral allows for up to twice the normal maximum contribution limit.1
How do §457(b) Non-Governmental plans operate?
What should I keep in mind when considering a §457(b) Non-Governmental Deferred Compensation Top Hat plan?
Non-governmental §457(b) accounts may not be rolled into another type of tax-deferred retirement plan, nor to an IRA – even after separation from service.
Ask your Legend Advisor to help you determine how much you can defer.
Corporate §401(k)/Roth §401(k) Accounts
Traditional §401(k) accounts vs. Roth §401(k) accounts