Generally, 457(f) Plans are used as supplemental plans to other qualified plans, i.e. 401k, 403b, etc.
These plans are used in the not-for-profit community business sector, and are similar to Non Qualified Deferred Compensation in the corporate (taxable) business sector.
These plans can discriminate among employees.
457(f) Plans by design have forfeiture provisions under certain conditions.
These plans require some type of ongoing employee-employer relationship.
457(f) Plans have no contribution limits, other than reasonable compensation.
457(f) SERP Plans are employer funded.
457(f) Plans are used to attract, retain and reward key employees.
457(f) SERP (Supplemental Executive Retirement Plan) plan policies are state specific, and not all insurance companies offer these plan policies to companies and/or organizations in all states.
The death benefit payable to a beneficiary upon the death of the insured is dependent on the claims paying ability of the issuing life insurance company.