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459 account withdrawal rules - if still working
Old 07-15-2009, 02:22 PM   #1
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459 account withdrawal rules - if still working

Very different question here than usual, but hope someone can help.
Am 67, working on my third career - fire department city of mobile. contributing to the state retirement program and also to a 459 account. - like a 401. so, can i continue to contribute to the account past 70 1/2, and, further, must i start withdrawing from the account at 70 1/2?

Realize that this is the opposite of what most on this site are experiencing but am betting someone knows the answers here.
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Old 07-15-2009, 05:11 PM   #2
Full time employment: Posting here.
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I assume you are asking about 457(b) plans? That's the deferred comp plan for public employees.

According to 457(b)wise : 457(b) FAQs, you must start withdrawing at 70 1/2 years old.

I would recommend reading the IRS publication on 457 plans IRC 457(b) Deferred Compensation Plans. You should also call your plan administrator, although a lot of times I found that they don't know a lot more about special cases like yours.
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