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a 457 is like a 401k, but it is usually offerred by governments rather than businesses.
an IRA is an Individual Retirement Account...with the emphasis on individual.
Ira is not typically offered to employees by a business
The withdrawal rules of a 457 are different from a 401k also...there's no 10% penalty for taking you money out before 59 1/2. Local and state government employers offer 457 plans to their employees but you have to be careful of costs. A lot of 457 plan providers charge a lot for their plans. These and similar questions about 457s are answered also at 457planinfo.com
What else can I help you with?
Can I Roll Other Retirement Funds Into My 401(K) Account?
Yes, you can rollover other retirement funds in to the 401(k). These funds can be from the 401(k) or 403(b) account from the prior employer, 457(b), IRA, or perhaps a SEP IRA. Rollovers from simple IRAs are permitted after 2 years of participation within the simple account.
Is it possible for me to have more than one IRA at the same time?
Yes, it is possible for you to have more than one Individual Retirement Account (IRA) at the same time.
How can I find my IRA account?
To find your IRA account, contact the financial institution where you opened the account or check your account statements and online banking portal for information on your IRA.
Can I take a loan from an IRA account?
No, you cannot take a loan from an IRA account.
Can you take a loan from your IRA account?
No, you cannot take a loan from your IRA account.
Is a 457 IRA tha same asa roth IRA?
No, a 457 IRA is no the same as a Roth IRA. A 457 IRA is a type of retirement account that holds money pre-tax, so when the money is withdrawn in retirement, it is taxed as income at that time. A Roth IRA is funded with after tax dollars, and taxes are not assessed at the time of withdrawal.
Can you roll a 457 into a roth IRA?
No, you can only roll a 457 into a traditional IRA As of January 1, 2008, you can roll over pre-tax 401(k), 401(a), 403(b), and 457 plans directly into a Roth IRA
Can you roll an IRA into a 457?
I have the SAME question. $45k sitting in a traditional IRA earning 4% with CD's. I'm now with county govt. Want to get some money moved into the 457 plan (with ICMA) to earn possibly higher. Are there fees, expenses, penalties? Can it be done?
Can a IRA be rollover to a 457 plan?
Yes, an IRA can be rolled over into a 457 plan, but it depends on the specific rules of the 457 plan. Not all 457 plans accept rollovers from IRAs. It's important to check with the plan administrator for the specific 457 plan to determine if this option is available and to understand any potential tax implications.
Can you close your 457 deferred compensation plan?
You should be able to do this but you may want to look at the plans rules and documents to determine your best method to do this for your benefit. You definitely can close your account but you really can't withdraw your funds before you separate from service (unless you have an unforeseeable emergency). Once you separate, you can close out your account by withdrawing it all or transferring it to another employer's 457 plan or to an IRA. Watch out though when transferring to an IRA...you can take the money penalty-free from a 457 plan at any age after you leave your job, but have to be 59 1/2 or over to avoid a 10% penalty when pulling money from an IRA (with some exceptions). Other 457 plan answers can be found at 457planinfo.com
Can I Roll Other Retirement Funds Into My 401(K) Account?
Yes, you can rollover other retirement funds in to the 401(k). These funds can be from the 401(k) or 403(b) account from the prior employer, 457(b), IRA, or perhaps a SEP IRA. Rollovers from simple IRAs are permitted after 2 years of participation within the simple account.
Is it possible for me to have more than one IRA at the same time?
Yes, it is possible for you to have more than one Individual Retirement Account (IRA) at the same time.
How can I find my IRA account?
To find your IRA account, contact the financial institution where you opened the account or check your account statements and online banking portal for information on your IRA.
Can I take a loan from an IRA account?
No, you cannot take a loan from an IRA account.
Can you take a loan from your IRA account?
No, you cannot take a loan from your IRA account.
Can you take loans from an IRA account?
No, you cannot take loans from an IRA account.
Does a Roth IRA change if you switch jobs?
No, a Roth IRA does not change if you switch jobs. It remains the same account regardless of your employment status.
