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139683v1 - North Dakota Section 457 Deferred Compensation Regular Plan - rollover amendment 01640 02

139683v1 - North Dakota Section 457 Deferred Compensation Regular Plan - rollover amendment 01640 02 2025

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The document outlines the North Dakota State Deferred Compensation Program, specifically the Section 457 Deferred Compensation Plan, which was amended and restated effective July 1, 2005. It details the plan's purpose to enhance retirement benefits for employees of the State of North Dakota and its political subdivisions. The document includes definitions, eligibility criteria, participation requirements, administration procedures, limitations on deferrals, eligibility for benefits, payment methods, and provisions for plan termination and amendment.

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What is the difference between a 401k and a 457 plan?

Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.

How does a 457 deferred compensation plan work?

Default risk: Workers 401(k)s are subject to the Employee Retirement Income Security Act (ERISA), which offers creditor protection for people with those plans. 457(b) plans arent subject to ERISA. Unlike 401(k)s, savings in non-governmental 457(b)s are at risk from creditors if the sponsoring employer goes bankrupt.

What is a Section 457 deferred compensation plan?

Remember that since a 457 plan is a non qualified plan there is no consequence of termination other than taxation to the participants which is either immediate or deferred. There is no adverse consequence to the employer. As long the account balances are taxed there is nothing else to worry about.