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Help!!! I'm retiring today. Within the next 60 days I must notify my plan administrator of when I wish to begin receiving payments from my 457 plan. I wasn't worried because I planned to roll it into an IRA as I have done with other retirement plans. I'm being told by my plan administrator that 457s, as opposed to 401Ks ,do not have a roll-over provision. My questions: 1) is this true, 2) is there a way around it, 3) if I must name a diftribution date should I elect to begin receiving now and take some income before I start receiving social security or delay as long as possible??? Thanks all

Hello Fredar
Could you wait about 45 days to retire? There is currently a bill that has been passed by the House and is being reviewed by the Senate that would allow you to roll 457 money into an IRA. If passed it would take effect 1/1/01. Therefore if you retire within 59 days of 1/01/01 you could wait and see if the bill passes and then tell your plan provider what you wnat to do. Will they be ready for the change by then? I don't know, but they would probably give you the time until they were ready. Barring that idea in my plan you can make one change to your distribution date. The catch is you can only postpone it you can't move it foward. If yours is the same figure out when you need to begin distibutions and then tell your plan administator half that many years away. If the time comes and you still don't need the money you can move it back to the orginal time you came up with or further. But if you need the money and the time has not come yet you can't move it foward.
I can't remember the house bill # I think it is 1180 can someone help me out here?
Hope this helps,
Brian
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