Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
457k
Old 11-27-2006, 02:47 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Nov 2006
Posts: 2,268
457k

Can anyone provide me with a link to details on 457k? I searched the IRS website and got nothing. Its similar to a 401k but its for government employees and there are more liberal withdrawal rules. Im almost certain that I can withdraw at will (with no penalty) once I terminate employment regardless of age, but I would like to read up on this.
__________________

__________________
utrecht is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: 457k
Old 11-27-2006, 03:15 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: 457k

www.irs.gov/pub/irs-pdf/p4547.pdf is the IRS publication on 457 plans. Your's likely is a 457b.
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: 457k
Old 11-27-2006, 03:29 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Nov 2006
Posts: 2,268
Re: 457k

Hmmm, its called a 457K on all my literature.
__________________
utrecht is offline   Reply With Quote
Re: 457k
Old 11-27-2006, 04:42 PM   #4
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: 457k

Quote:
Originally Posted by utrecht
Hmmm, its called a 457K on all my literature.
Maybe the K is a typo? Here's a link to withdrawal info:

http://www.icmarc.org/xp/rc/products...ithdrawal.html
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: 457k
Old 11-27-2006, 04:56 PM   #5
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: 457k

As far as I know, and you can confirm by reading the IRS publication I linked to above (for some reason I can't seem to make the link work ), there is no penalty for early withdrawl from a 457 plan.

I think there is no such thing as a 457k as the statute itself has no subdivision k. http://assembler.law.cornell.edu/usc...7----000-.html It is probably a misnomer.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: 457k
Old 11-27-2006, 07:23 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Nov 2006
Posts: 2,268
Re: 457k

Thanks. This is exactly the info I was looking for and it confirmed what I thought about the withdrawals.
__________________

__________________
utrecht is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 07:46 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.