Question

what constitutes an emergency that would permit distributions from a Section 457 plan?

what constitutes an emergency that would permit distributions from a Section 457 plan?

Homework Answers

Answer #1

457(b) plans may offer distributions to a participant based on an unforeseeable emergency for:

  • an illness or accident of the participant, the participant’s beneficiary, or the participant’s or beneficiary’s spouse or dependents;
  • property loss caused by casualty (for example, damage from a natural disaster not covered by homeowner’s insurance) of the participant or beneficiary;
  • funeral expenses of the participant’s spouse or dependent; and
  • other similar extraordinary and unforeseeable circumstances resulting from events beyond the control of the participant or his or her beneficiary (for example, imminent foreclosure or eviction from a primary residence, or to pay for medical expenses or prescription drug medication).
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