Individuals with a 457 deferred compensation plan who work for government employers may roll their distributions into a traditional IRA, or to a 401(k), 403(b) or 457 governmental plan, provided that the plan accepts rollovers, explains the Center for Disease Control Federal Credit Union. Individuals can rollover distributions upon changing jobs or retiring, or rollover distributions from a former employer.
If an individual has started receiving distributions as regular equal payments for ten or more years, he cannot roll his distributions over, reports the Center for Disease Control Federal Credit Union. This also applies to individuals who have started receiving lifetime annuity payments. Individuals who are age 70 and 1/2 or older cannot rollover the minimum required distributions that they have started to receive.
Individuals are not allowed to receive funds from a 457 plan before the age of 70 and 1/2 years unless an event occurs that fits the requirements of an unforeseeable emergency, states the Center for Disease Control Federal Credit Union. Rolling a 457 plan over allows individuals to consolidate their retirement accounts, simplifying paperwork and the required minimum distribution calculations. Consolidating retirement plans makes it easier for an individual to handle his investment plan. Rolling these funds over may also provide an individual with a greater amount of investment options.