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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.
In an ERISA-qualified plan (like a 401(k) plan), the company's contribution to the plan is deductible to the plan as soon as it is made, but not taxable to the participants until it is withdrawn. So if a company puts $1,000,000 into a 401(k) plan for employees, it writes off $1,000,000 that year.
The company’s activity covers the entire spectrum of defined benefit and defined contribution plans including: 401(k), 403(b) (Traditional and Roth IRA's), 401(a), 457(b), non-qualified deferred compensation, profit sharing, money purchase, traditional DB, DB non-qualified, cash balance, and Taft-Hartley plans.
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 ...
Section 409A makes a distinction between deferred compensation plans and deferral of compensation. The term "plan" includes any agreement, method, program, or other arrangement, including an agreement, method, program, or other arrangement that applies to one person or individual.
New York City: Headquarters: 42 Broadway, Manhattan, New York City, U.S. Motto: To protect and enhance the daily economic lives of New Yorkers to create thriving communities. Employees: 457 (FY 2024) Annual budget: $67.7 million (FY 2024) Department executive
A non-qualified deferred compensation plan or agreement simply defers the payment of a portion of the employee's compensation to a future date. The amounts are held back (deferred) while the employee is working for the company, and are paid out to the employee when he or she separates from service, becomes disabled, dies, etc.
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