Special 457(b) catch-up contributions pre-retirement limit questions

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Topic Author
Workinprogress
Posts: 276
Joined: Wed Mar 06, 2019 8:25 pm

Special 457(b) catch-up contributions pre-retirement limit questions

Post by Workinprogress »

My plan has this feature. Unfortunately, my Financial/HR department is of no help because they do not have any participation in the program. After two calls to the Mission Square Plan administrator, I still have no answers.

I started work on 17DEC07, but did not receive a paycheck or have contributions during 2007, may I claim 2007s missed $15,500 of contributions due to my being employed by a plan provider?

Thank you for your time.


EDIT: I found some information so I deleted part of the post with questions that I already found answers for.
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Duckie
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Joined: Thu Mar 08, 2007 1:55 pm

Re: Special 457(b) catch-up contributions pre-retirement limit questions

Post by Duckie »

Workinprogress wrote: Sat Jul 02, 2022 12:50 am I started work on 17DEC07, but did not receive a paycheck or have contributions during 2007, may I claim 2007s missed $15,500 of contributions due to my being employed by a plan provider?
I think you're out of luck.
Did you get a W-2 for 2007 for that new job?
How much was your 2007 gross pay for that job even if you did not get a paycheck in time? You would not have been able to contribute more than you earned.
Topic Author
Workinprogress
Posts: 276
Joined: Wed Mar 06, 2019 8:25 pm

Re: Special 457(b) catch-up contributions pre-retirement limit questions

Post by Workinprogress »

Duckie wrote: Sat Jul 02, 2022 5:05 pm I think you're out of luck.
Did you get a W-2 for 2007 for that new job?
How much was your 2007 gross pay for that job even if you did not get a paycheck in time? You would not have been able to contribute more than you earned.
That makes sense. I did get a W-2 from the new company but nothing is noted in the 12b box for 457 funds withheld.

The amount on the W-2 is so small as to not make it worth pursuing.

Thank you for your guidance.
Soon2BXProgrammer
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Joined: Mon Nov 24, 2014 10:30 pm

Re: Special 457(b) catch-up contributions pre-retirement limit questions

Post by Soon2BXProgrammer »

Workinprogress wrote: Sat Jul 02, 2022 12:50 am My plan has this feature. Unfortunately, my Financial/HR department is of no help because they do not have any participation in the program. After two calls to the Mission Square Plan administrator, I still have no answers.

I started work on 17DEC07, but did not receive a paycheck or have contributions during 2007, may I claim 2007s missed $15,500 of contributions due to my being employed by a plan provider?

Thank you for your time.


EDIT: I found some information so I deleted part of the post with questions that I already found answers for.
http://uscode.house.gov/view.xhtml?req= ... on:prelim)

Hmmm i had an initial response, but as i read and re-read all of 457b, it isn't as clear as one might hope.

the conservative answer is, you had no taxable income that could have been eligible under the 457b rules under 2007 and you could not have met the rule to enroll and have money withheld starting the following month with a December hire, therefore the conservative answer is probably no, 2007 doesn't count, but I don't administer 457b plans.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Topic Author
Workinprogress
Posts: 276
Joined: Wed Mar 06, 2019 8:25 pm

Re: Special 457(b) catch-up contributions pre-retirement limit questions

Post by Workinprogress »

Thank you for the great link, S2BXP. While it is an eye full of government legalese, it is the definitive answer and very helpful.
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