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Author: mwhaley Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75528  
Subject: 457 Retirement Plan Date: 2/23/1999 3:38 PM
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I have a 457 Retirement plan and have left that Government job. I want to roll that over into an IRA or something tax free. Does anyone know the rules for that? I have tried to wade through the IRS web site but I am lost!
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8746 of 75528
Subject: Re: 457 Retirement Plan Date: 2/23/1999 4:03 PM
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Greetings, mwhaley, and welcome. You asked:

<<I have a 457 Retirement plan and have left that Government job. I want to roll that over into an IRA or something tax free. Does anyone know the rules for that? I have tried to wade through the IRS web site but I am lost!>>

Sorry to break the news to you (that should have been done by your benefits folks), but a 457 plan is not a qualified retirement plan. That means you cannot roll those proceeds to an IRA. All you can do (depending on your plan) is take all the money at once or take it in installments. Whichever way it's taken, you will pay income tax on the withdrawal at your ordinary income tax rate.

Regards.....Pixy

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