Contributions
The 2019 salary deferral limit for 403(b) and 457 plans is
What is $19,000 with a catch-up of $6,000
Who usually uses 457(f) plans?
What is usually used by tax-exempt organizations, rarely used by government entities?
Are loans allowed in 403(b) plans?
What is yes
How many types of 403(b) plans are there and what are they?
What are 2, ERISA and non-ERISA
When do you become 100% vested in your contributions?
What is immediately
How old do you need to be for the catch-up contribution?
What is 50 years
A 403(b) allowing deferrals must satisfy the Universal Availability rule, but this rule does not apply to?
What are Churches or Qualified Church Controlled Organization
What age are RMDs required to be started?
What is 70.5
Are Contributions made pre or post tax most commonly?
What is pre-tax
Typically, 403(b) plans only allow individuals to invest in?
What are mutual funds and annuities
A 403(b) allows for what types of contributions? Name 2
What are employee regular (pre-tax), roth salary deferrals, employer contributions, and after-tax contributions if permitted by plan
A 403(b) plan is a salary deferral retirement savings plan available to employees of what organizations?
What are public schools, tax-exempt 501c3 organizations, schools, hospitals, healthcare, charities
What are the rollover options for 457 plans?
What are assets in a 457 may be rolled over to another 457 tax exempt/non-profit plan only, but assets cannot be rolled to an IRA or another qualified plan
Does EJ offer 457 plans?
What is no
457 plans are called "top hat" plans because?
What is they are offered to high compensated key management employees or groups
How are salary deferral contributions to a 403(b) taxed?
What are pre-tax deferrals are excludable from federal income tax but typically subject to FICA and FUTA
A 457 plan is a deferred compensation plan that lets you save for retirement with pretax salary deferrals to what type of people (name 3)
What is State, county and city government workers, public school, college or university employees, anyone in upper management and highly paid employees of certain tax-exempt nongovernmental organizations, top level employees working for certain tax-exempt or government organizations (who qualify for what is also known as a "top hat" plan)
Which 457 plan are loans allowable?
Governmental 457(b), Tax-exempt Organization 457(b), or 457(f)
What triggers a 20% withholding in 403(b) plans?
What is separating from service the year you turn 55 or older to avoid the 10% penalty
What type of 457 plans are allowed to have Catch-up Contributions within 3 years of retirement?
What are governmental 457(b) and tax-exempt organization 457(b)
What is the last 3 years catch up amount available to contribute?
What is $38,000
This plan is also known as a "top hat plan"
What is a 457 plan
What are 3 reasons you could take distributions from a 403(b) without any penalty?
Separation from service in the year you turn age 55 or older, age 59.5, death, disability, financial hardship (if permitted), plan termination, QDRO, rollover
How can you avoid the 20% withholding penalty on a 403(b) distribution?
What is rolling the 403(b) directly to an IRA
Which plan is not subject to the 402(g) limit which would allow for the participation in two plans so that it may be available to double salary deferral contributions?
What is a 457 plan