Get Revenue Procedure 1998-41 - Section 457 Model Amendments.. This Procedure Provides Model Amendments

This guide provides a step-by-step overview of how to complete the Revenue Procedure 1998-41 - Section 457 Model Amendments. These amendments offer a comprehensive framework for employers to amend their § 457(b) plans in accordance with the Internal Revenue Code.

Follow the steps to complete the amendments effectively.

1. Press the ‘Get Form’ button to access the model amendments document and open it in your preferred format.
2. Review the introduction and purpose section of the document to understand the applicability of the amendments to your § 457(b) plan.
3. Navigate to Section 2 for background information and ensure your plan aligns with the requirements outlined for in-service distributions and maximum deferral limitations.
4. Select the appropriate model amendment from the appendix that best suits your plan's needs, such as options for involuntary or voluntary distributions.
5. Fill in any specific fields as required in the model amendment (e.g., dollar amounts or specific terms relevant to your plan).
6. Ensure that your plan complies with the mandatory trust requirements if applicable, by adopting Model Amendment 4 if you are a governmental employer.
7. Review the amendments for consistency with prior private letter rulings if your organization has received any, ensuring eligibility is maintained.
8. Finalizing the form may include saving changes, downloading it for records, and sharing with appropriate stakeholders for review.

Complete and submit your amendments online to ensure compliance with the latest regulations.