Which of the following statements regarding 457 plan is (are) true? 1. An individual who...
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Accounting
Which of the following statements regarding 457 plan is (are) true?
1. An individual who defers $19000 to his 403(b) plan during 2019 can also defer $19000 to a 457 plan during 2019 (salary and plan permitting).
2. A 457 plan allows an executive of a tax-exempt entity to defer compensation into an ERISA protected trust.
3. In the final three years before normal retirement age, a participant of a government sponsored 457 plan may be able to defer $36,000 (2019) for the plan year.
(a) 1 only.
(b) 2 only.
(c) 1 and 3.
(d) 2 and 3.
please explain
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