457(b) Plan Contributions Based on Severance Pay
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Reported by
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I know from previous Ask the Experts column that you cannot make contributions to a 403(b) plan based on severance pay (payments to a former employee for NOT working). But what about 457(b) plans? Are the rules the same?”
Charles Filips, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer:
Good question, as the rules are indeed a bit different for 457(b) plans.
Marham schools support King s Lynn Food Bank
| Updated: 14:04, 21 December 2020
Two Marham schools held collections for the King s Lynn Food Bank and welcomed generous donations from the families of pupils.
The Cherry Tree Academy Infant and Junior schools teamed up to donate nappies, tinned foods, biscuits, pasta, baby food and much more to the Trussell Trust, who run the charity.
Michaela Webb, SEO and executive principal of the Cherry Tree Academy Trust, said: Recognising that there are families in need of support this Christmas, the children of Cherry Tree Academy Infant and Junior have been phenomenal in donating much needed supplies.
Retirement Plan Tax Deductions/Credits for Tax-Exempt Sponsors
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Reported by
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Do the deductibility rules for employer contributions to a retirement plan under Internal Revenue Code (IRC) Section 404 apply to 403(b) plans? And does it matter whether the contribution is nonelective or matching?”
Charles Filips, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer:
No. The rules under IRC Section 404 provide a tax deduction for retirement plan sponsors for employer contributions made to a retirement plan that otherwise qualify as ordinary and necessary business expenses. For defined contribution (DC) plans, deductions for contributions are generally limited to 25% of the compensation paid to beneficiaries of the plan during the taxabl