I have a 457b account with a former employer. I haven't found very much information about them, and I want to know if I should leave the money in this account or transfer it into a roth.
If you had the 457b with a state or local government you can rollover into traditional IRA, 403b, 401k, or another governmental 457b. If your 457b was with a private tax-exempt company then you only have the option to rollover into another non-governmental 457b. Depending on how much you had in the account it may be best to leave the money where it is.
Short answer from investopedia ( https://www.investopedia.com/articles/personal-finance/111615/457-plans-and-403b-plans-comparison.asp ):
If you need more time to put aside money for retirement, a 457 plan is best for you. It has a better catch-up policy and will allow you to stash away more money for retirement. A 403(b) is likely to be your best bet if you want a larger array of investment options.
Also, you can withdraw your 457 when you separate from your employer independent of your age or retirement status following separation.
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My job has the 403b. Thank you for the info
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Thanks for the information.
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I believe they offer relatively adequate employer match contributions because the employer is the government I believe. I’m curious if you can apply for a loan against your balance like the 401k.
