North Carolina Loan Plan for Key Employees
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FAQ
The North Carolina 401(k) Plan is a supplemental retirement plan that allows employees to set aside payroll-deducted contributions on either a tax deferred basis or Roth after-tax basis. Permanent full-time employees scheduled to work 30 or more hours per work week are eligible to participate.
The plan is offered only to public service employees and employees at tax-exempt organizations. Participants are allowed to contribute up to 100% of their salaries up to a dollar limit for the year. The interest and earnings in the account are not taxed until the funds are withdrawn.
It's possible that you may have access to a 457(b) and a 401(k). The IRS says it's okay to contribute to both at the same time. Since retirement plans typically have contribution limits, contributing to a different plan can double your tax deferral.
Make sure to carefully consider each of the plan's pros and cons based on your own personal situation. However, the most significant advantage of having a 457(b) plan over 401(k) plans is that 457(b) plans allow for early withdrawals without penalty, unlike 401(k) plans which impose withdrawal penalties.
Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.
For employees, the key benefit of a 457(b) plan is that the savings are tax-deferred: Contributions are made on a pre-tax basis, reducing taxable income and growing tax-deferred until withdrawal.
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
The NC 457 Plan is an eligible defined contribution plan under Section 457(b) of the Internal Revenue Code. The NC 401(k) Plan and the NC 457 Plan are single plans that are sponsored by the State of North Carolina and that have over 1,100 participating employers.
