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THE STATE OF MARYLAND ( 457) DEFERRED COMPENSATION - msrp maryland

THE STATE OF MARYLAND ( 457) DEFERRED COMPENSATION - msrp maryland 2025

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The document outlines the Maryland Teachers and State Employees Supplemental Retirement Plans, specifically detailing the Deferred Compensation Plan and Trust. It includes amendments to correct typographical errors, introduces new sections regarding beneficiary payment options, and establishes guidelines for eligibility, contributions, investment allocations, and distribution of benefits. The plan aims to provide a structured retirement savings option for state employees while ensuring compliance with federal regulations.

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What are the cons of a 457 plan?

The Employee Retirement Income Security Act of 1974 has some provisions and protective laws that help employees who are utilizing a tax program. By being in a non-qualified retirement plan, 457(b) members miss out on some of these protections and dont have the same rights that a 401(k) participant enjoys.

What is the downside of deferred compensation?

The Risks Of Deferred Compensation Plans The biggest downside to most of these plans is the risk of the company declaring bankruptcy. It is surprising that most, if not all, of these plans arent in a trust that cannot be touched by creditors.

What is the new retirement law in Maryland?

The Maryland Retirement Tax Elimination Act of 2022 represents a landmark victory for retirees across the state. Signed into law by Governor Larry Hogan, this legislation delivers the largest tax cut package in Marylands history specifically designed to benefit seniors and make Maryland more retirement-friendly.

Is deferred compensation the same as 457?

Definition. A section 457 plan is a deferred compensation plan that is maintained by an eligible employer and that complies with the specific requirements set out in IRC Section 457(b).

What are the downsides of 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.

What is the difference between 457 and deferred compensation?

A deferred compensation plan is another name for a 457(b) retirement plan, or 457 plan for short. Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations.

At what age can I withdraw from 457 without penalty?

The Risks Of Deferred Compensation Plans As I mentioned before, most plans do not allow the participant to access the money early. If you switch jobs you might lose the entire account or you might have to take all of the money in a lump sum, which would trigger a big tax bill.

THE STATE OF MARYLAND ( 457) DEFERRED COMPENSATION - msrp maryland 2025

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