§457(b) Non-Governmental Account Portability
- While you are employed: retirement plan participants may exchange accounts from one §457 approved vendor to another approved vendor.
- If you leave your job: your account may not be transferred or rolled anywhere—not even to an IRA. The assets remain the employer’s until each check is actually issued and mailed to the individual. Transferring or rolling would mean taking distribution of the entire account with the resultant tax liability all in one year.
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