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New Regulations Affect '457 Plans for Non Profits

By Lawrence L. Bell

The announcement on June 21, 2016 by the Department of the Treasury provides further bright line tests for benefits provided by non-profits for their executives and professionals. REG-147196-07'provides additional guidance in the compensation arena for State and Local Government and Tax Exempt Employers and Executives and Professionals.

The Treasury has provided the roadmap for exceptions to IRC ”457 and 457(f) risks of forfeiture and acceleration of tax upon a triggering event. Section 457(e) (11) provides that certain plans are treated as not providing for a deferral of compensation. These plans include any bona fide vacation leave, sick leave, compensatory time, severance pay, disability pay, or death benefit plan, as well as any plan paying solely length of service awards to certain bona fide volunteers (or their beneficiaries) and certain voluntary early retirement incentive plans.

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