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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.
A 457(b) is similar to a 401(k) in how it allows workers to put away money into a special retirement account that provides tax advantages, letting you grow your savings tax-deferred.
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 ...
A 457(b) retirement plan is an employer-sponsored deferred compensation plan for employees of state and local government agencies and some tax-exempt organizations.
The DCP is an Internal Revenue Code Section 457(b) plan and allows eligible state employees to supplement retirement benefits by investing pre-tax dollars through voluntary salary deferral. [4] Employee contributions are deposited in the DCP and federal and state taxes will remain deferred until contributions are withdrawn.
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 ...
Tax-Deferred Accounts. Tax-Exempt Accounts. Account types – IRA, – 401(k) – SEP IRA – 403b – Roth IRA – Roth 401(k) Tax treatment – Lower taxable income in the year you contribute
Tax-deferred accounts have RMDs. You must take RMDs from any tax-deferred account, including a: ... and 457. Profit sharing plan. Employee stock ownership plan (ESOP) Federal Thrift Savings Plan (TSP)