The 457 Answer Book is an in-depth resource that provides answers to the questions that tax-exempt organizations, state and local governments, their accountants, tax and legal advisors, 457 administrators, product providers, and investment counselors need to know. Guiding readers through all aspects of 457 plan administration -- from installation through the audit process -- the 457 Answer Book describes: the duties and responsibilities of those performing the functions; the required legal, accounting, and administrative tasks; checklists that facilitate control of each administrative process; and suggested forms. The 457 Answer Book also provides The history and legal origins of the plan Design and drafting standards Suggested administrative procedures Data processing and payroll considerations Operations and fund flow mechanics Marketing and sales suggestions And much more 457 Answer Book, Fifth Edition has been updated to include coverage of: The types of automatic-contribution arrangements subject to the 2007 proposed regulations The return of deferral contributions to automatically enrolled employees under the proposed 2007 regulations 2007 final regulations allowing deferrals from post-severance payments How Roth 457 elective deferral features would apply to an eligible 457 plan under recently proposed legislation An updated model 457(f) deferred compensation plan for a church hospital reflecting changes for Code Section 409A Final Regulations (issued April 17, 2007) on the application of Code Section 409A to 457(f) plans News Release 2007-142 (issued August 7, 2007) responding to questions concerning annualized pay elections for teachers and other school employees stating that Code Section 409A will not apply to school years starting before January 1, 2008 Notice 2007-86 (issued October 22, 2007) extending the effective date for compliance with the final regulations until January 1, 2009 Notice 2007-89 (issued October 23, 2007) providing guidance to employers and taxpayers on their reporting and wage withholding requirements for 2007 with respect to deferrals and amounts includible in gross income under Code Section 409A Notice 2007-100 (issued December 3, 2007) provides transition relief and guidance on correction of certain failures of 457(f) plans to comply with Code Section 409A in operation How the Pension Protection Act of 2006 (PPA) affects 457 plan participants