Committee Recommends Township Amend 457 Plan to Allow In‑Service Distributions at 59½
The committee voted to recommend the Township Board amend the 457 plan to permit in‑service distributions at age 59½. Current plan language permits such distributions only if a participant's account is under $7,000 and there have been no deferrals for two years.
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The committee voted to recommend that the Waterford Township Board of Trustees amend the 457 Plan to allow in‑service distributions at age 59½. Attorney Cynthia Billings‑Dunn told the committee a participant requested the change; under current plan rules in‑service distributions are allowed only when a participant’s account does not exceed $7,000 and there have been no deferrals for two years.
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