persfin-digest V5 #16 -Reply

From: Steven Klein <SKLEIN@snm.org>
Subject: persfin-digest V5 #16 -Reply
Date: Wed, 20 May 1998 12:50:08 -0400

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457 plan question:

I work for a non-profit. Until 12/96, I have participated in my employers
457 defered compensation plan. I stopped making contributions to the
plan in 12/96. My contributions plus gains is now over $13,000. Up until
recently one could only take a distribution when either a) left employer or
b) reached retirement age. I have been told by a hr person at another
company that the rules for distributions has changed somewhat. The hr
person told me an employess is now allowed to take a one-time
distribution (while still employed at the company) assuming the following-

a) The distribution occurs at least 24 months after your last contribution.
b) The amount of the distribution is less that $5000.00

I mentioned the above to my hr person, he informed me that he is not
aware of this rule change.

Does anyone know if this is true?

sklein@snm.org



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