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The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
Like its better-known sibling — the 401(k) — a 457(b) retirement plan is a tax-advantaged way to save for retirement. But the 457(b) is designed especially for employees of state and local ...
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Section 409A of the United States Internal Revenue Code regulates nonqualified deferred compensation paid by a "service recipient" to a "service provider" by generally imposing a 20% excise tax when certain design or operational rules contained in the section are violated. Service recipients are generally employers, but those who hire ...
Individuals working for state and local governments, as well as some tax-exempt organizations, may be eligible for a 457(b) plan. This type of account is designed to help government and nonprofit ...
A 457(b) retirement plan is a tax-advantaged saving scheme available to government and certain non-profit employees. It allows participants to defer income taxes on retirement savings until the ...
Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans: Mar. 2004: Superseded by GASBS 74; 44. Economic Condition Reporting: The Statistical Section—an amendment of NCGA Statement 1: May 2004: Amended by various GASBS; 45. Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ...
Qualifying plans include 401(k) (for non-government organizations), 403(b) (for public education employers and 501(c)(3) non-profit organizations and ministers), and 457(b) (for state and local government organizations) [2] ERISA, has many regulations, one of which is how much employee income can qualify. (The tax benefits in qualifying plans ...