Can You Roll Over a 457 the Same Way as a 401(k)?

Can You Roll Over a 457 the Same Way as a 401(k)?
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[wearethejoneses]

This is great info. I’m a state trooper and have a 457. I’ll be retiring anytime between 50-55 and look forward to the no penalty withdrawal benefit.

[ididntdoit]

Fyi. You can collect from your 457 at anytime you are seperated from employment with no penalty. Say i lose my police job at 35. I can make withdrawals from the 457 immediately with no penalty. Don't have to wait till you reach a certain age as long as you are no longer working for that employer whether you quit or get fired.

[maxjoey]

Good morning I have a question. I have a 457B with New Jersey Transit. I’m 58 years old. Why is it? They say that I have to pay a state penalty if I withdraw before 59 1/2 I thought it was say.

[sammyalabamy]

Nice that you both talking about 457, many of us city workers have these and it's very good.

[michelef]

I believe penalty-free access before 59 1/2 is limited to governmental 457 accounts only. My husband’s 457 at a university does not have that benefit and cannot ever be rolled over to an IRA. Also, the university plan document outlines a limited number of withdrawal options upon leaving the job. It’s still offers a great opportunity to maximize retirement saving, but is not nearly as flexible as a governmental 457 account.

[lauradavis]

This video ONLY addresses governmental 457b. If you work for a nonprofit and have a 457, you cannot roll this over. All money in the account is theoretically susceptible to the creditors of your institution.

Distribution is entirely dependent on how your employer set up the plan. And they can change it. I have had two different plans and both have changed. Withdrawal rules are hard to figure out as you really have to dig on the website, or finally be told who to call to ask.

[lxmartin]

Sir, I did not hear you answer the question the question was, can you roll over a 457 the same way as a 401(k) not that there are no penalties when you withdraw. Can you advise on if it is a good idea to roll over a 457 after you separate from Service or leave it with 457 to manage i the funds which is better leave it or roll it over

[Longjohnsilver]

Great information but you did not answer the question. I kept my 457 for all the reasons you stated but now I’m 59.5 and want to move it. Is there anything to be aware of or do I just move it like a 401K.

[brassyme]

Do you have to be actively at that 457 and 401k to contribute that 19.5k each or can you contribute to them even after you've left that employer

[robertryan]

Do you need 2 employers to maximize 457 and 403?

[ghampton]

You just blew my mind I have a Roth 457b and my husband has a Roth 401k are each of us allowed to deposit $19, 000 a year into our account without any tax issue?