But he also went on to say that I would need to recharacterize the funds and that these would count as contributions, blah blah...so I don’t think the 457 rep really knew what he was talking about. Conversions and rollovers are not counted as contributions. Also, if I do have to go through the 3-step process, does the 457 rollover into the Traditional IRA (or even the Roth IRA) then use up my one rollover per year limit (assuming that I have only a single account for each type)? The one rollover limit only applies for non-Trustee to Trustee transactions. As long as you don't take control of the funds, they can be moved an unlimited number of times during a year.
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