# Prop. Treas. Reg. § 1.457-1: General overview of section 457.

Proposed regulation, not in force. REG-147196-07, 81 FR 40548, published 2016-06-22 <https://www.federalregister.gov/documents/2016/06/22/2016-14329/deferred-compensation-plans-of-state-and-local-governments-and-tax-exempt-entities>. Interprets 26 U.S.C. § 457.

Par. 2. Section 1.457-1 is revised to read as follows:

Section 457 provides rules for nonqualified deferred compensation plans established by eligible employers as defined under § 1.457-2(d). Eligible employers may establish either deferred compensation plans that are eligible plans that meet the requirements of section 457(b) and §§ 1.457-3 through 1.457-10, or deferred compensation plans that do not meet the requirements of section 457(b) and §§ 1.457-3 through 1.457-10 (and therefore are ineligible plans which are generally subject to federal income tax treatment under section 457(f) and § 1.457-12(a)). Plans described in § 1.457-11 are not subject to section 457 or are treated as not providing for a deferral of compensation for purposes of section 457 (and, accordingly, the rules under §§ 1.457-3 through 1.457-10 and § 1.457-12(a) do not apply to these plans).