### Question
What is the definition of applicable voluntary early retirement incentive plan?


### Answer
The definition of **applicable voluntary early retirement incentive plan** is as follows in *26 U.S.C. § 457*:

> a voluntary early retirement incentive plan maintained by—


(I) a local educational agency (as defined in section 9101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7801)), or


(II) an education association which principally represents employees of 1 or more agencies described in subclause (I) and which is described in section 501(c)(5) or (6) and exempt from tax under section 501(a)

#### Citation:
  - *26 U.S.C. § 457*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter E-Accounting Periods and Methods of Accounting > PART II-METHODS OF ACCOUNTING > Subpart B-Taxable Year for Which Items of Gross Income Included**

