457(b) Plan Flashcards
1
Q
What are the 3 special catch-up rules in a 457(b) plan?
A
1) It is available for the last 3 years of service (at plan normal retirement age)
2) The catch-up contribution is made up of unused deferrals from past service
3) It can be up to twice the normal contribution rate (46,000 in 2024)
4) The 50+ $7,500 catch-up allowance of $7,500 may NOT be used in the same tax year as the special catch-up allowance is used
