NRECA Employee Benefits Weekly

REMINDER: Required Minimum Distributions for 457(b) Plans for Tax-exempt Co-ops

Posted on Posted in Deferred Compensation Plans, Retirement Benefits

The Internal Revenue Code requires retirement and nonqualified deferred compensation 457(b) plan participants who have reached a certain age and separated from service to ­receive required minimum distributions from their accounts each tax year. These required minimum distribution rules generally apply to all employer-sponsored retirement plans, including profit-sharing plans, 401(k) plans, defined benefit plans and the following 457(b) plans:

  • Executive Compensation 457(b) Plans
  • Global Executive Compensation Plans­­
  • Governmental Deferred Compensation 457(b) Plans

To review additional actions and plan administration reminders, be sure to read the article in the October 6 NRECA Employee Benefits Weekly. For additional questions, please contact the Deferred Compensation Program team by email: deferredcomp@nreca.coop, or by phone at 703.907.6375 to discuss the topics in this article or to discuss amending your plan.

The preceding summary of legislation is not intended to constitute legal advice. Please consult your co-op’s legal advisor for guidance

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