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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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I understand that employees of 501c-3 organization can paricipate

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I understand that employees of 501c-3 organization can paricipate in a 403-b. My question is : are they allowed to paricipate in a 457-b or 457-f My employer is a private country club under 501c-3
Submitted: 5 years ago.
Category: Tax
Expert:  Marvin,EA replied 5 years ago.

Marvin,EA :

Hello and thanks you for using Just Answer.


Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).


 

Marvin,EA :

If your employer is a private country club under 501(c)3 the employer can establish a 457(b) plan.

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