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Money deferred into non-governmental 457 plans may not be rolled into any other type of tax-deferred retirement plan.
It may be rolled only into another non-governmental 457 plan.
The same highly compensated limit (5,000 a year for the preceding year of 2014 and 0,000 for the preceding year of 2015) in place for 401(k) discrimination testing would likely be acceptable, as would restricting the plan to some class of employees such as directors or officers.Governmental 457 plans may be rolled into other types of retirement plans with few restrictions beyond the normal ones for any other type of employer provided plan, which includes separation of service or disability.This includes other gastro-401(k) and 403(b) plans and also IRA's.For the most part the plan operates similarly to a 401(k) or 403(b) plan most people are familiar with in the US.
The key difference is that unlike with a 401(k) plan, there is no 10% penalty for withdrawal before the age of 55 (59½ for IRA accounts) (although the withdrawal is subject to ordinary income taxation).The first is similar to other defined contribution plans and amounts to an additional ,000 that can be contributed as noted above.