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1.
Certain senior employees can make a catch-up contribution to their 457 plan in addition to the one already allowed.
True. There are restrictions and rules, but a certain class of employees does have this benefit.
2.
There are situations in which rolling over a 457 may result in you having to pay taxes.
True. If you don't roll over all of it, or if you don't place the funds into the new account within 60 days, you can be taxed on the amount that is not rolled over.
3.
At what age MUST you begin taking distributions from your 457 plan?
73. This age is standard for many retirement plans.
4.
If you quit your job and take a distribution from your 457 plan before age 59½, you _______.
Will not be assessed a penalty. 457 plans do not assess penalties for early withdrawals upon termination of employment.
5.
Which of the following employees is not eligible to participate in a 457 plan?
The secretary of a new, private startup company. 457 plans are allowed only for employees of government or non-profit companies.