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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.
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.
In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well. The same study found that workers with tenures of 10-25 years of service were served well by 10.9% of plans. Workers with less than 10 years of service were served well by .5% of plans. [18]
A Top Hat plan is an unfunded plan maintained by the employer to provide deferred compensation to a select group of management or highly compensated employees. [14] If coverage extends beyond this group then the plan is not a Top Hat plan. [15] A plan with insurance contracts in which the premiums are paid by the employer is considered unfunded ...
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 ...
This page was last edited on 22 January 2017, at 10:27 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
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contributions are deposited in the DCP and federal and state taxes will remain deferred until contributions are withdrawn.
The year AD 457 in the Western calendar; The number 457; The 457 plan, a retirement plan available to government and nonprofit employees in the United States similar to the 401(k) The 457 visa, the most commonly used program for employers to sponsor overseas workers to work in Australia on a temporary basis. The Smith & Wesson Model 457, a pistol.