Both 403(b) and 457(b) Plans must establish rules for eligibility.
The Internal Revenue Code rules require that all employees eligible for a:
403(b) Plans may exclude you if you:
457(b) Plans may define eligible or excluded employees based on reasonable business classification. Also, they may choose to allow participation even if you fall into one of the categories above.
The terms of your employer’s Plan specifies when you may enroll. However, a 403(b) Plan is generally required to allow all eligible employees to participate in the 403(b) Plan when their employment begins (the Universal Availability rule). You should check with your employer to find out how to enroll.
*This includes independent contractors.
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