Ineligible 457 Plan Sample Clauses
The Ineligible 457 Plan clause defines the terms and conditions for a type of nonqualified deferred compensation plan available to certain employees of governmental and tax-exempt organizations. This clause typically outlines eligibility criteria, contribution limits, and the tax treatment of deferred amounts, which are not subject to the same restrictions as eligible 457(b) plans. Its core practical function is to provide a framework for deferring compensation beyond qualified plan limits, while also clarifying the associated risks, such as the lack of protection from employer creditors, thereby ensuring participants understand the unique features and potential drawbacks of the plan.
Ineligible 457 Plan. An ineligible 457 Plan subject to Code §457(f). The Employer is (choose only one of (i), (ii) or (iii)):
Ineligible 457 Plan. A Substantial Risk of Forfeiture for purposes of application of Code §457(f) under an Ineligible 457 Plan is described in Code §457(f)(3)(B), Treas. Reg. §1.83-3(c) and Applicable Guidance, including any such Guidance which may apply the same or a substantially similar definition as under Section 1.47(A)
Ineligible 457 Plan. An ineligible 457 Plan subject to Code §457(f). The Employer is (choose only one of (i) or (ii)): [ ] (i) Governmental Plan. A State. [ ] (ii) Tax-Exempt Plan. A Tax-Exempt Organization. The Plan is intended to be a “top-hat” plan as described in (a)(ii) above or the Plan benefits only Contractors.