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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 health insurance plan for covered retirees was added to the program in 1987. The program is administered by a twelve-member board of trustees, appointed to three-year terms by the Governor subject to confirmation by the Senate, which also administers the Oregon Savings Growth Plan, a voluntary deferred compensation plan established in 1991.
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contributions are deposited in the DCP and federal and state taxes will remain deferred until contributions are withdrawn.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 with tax-deferred accounts must take required minimum distributions (RMDs) once they reach a certain age. Read on to learn three important RMD rules that every investor should know ...
Tax-deferred growth: Earnings within the annuity accumulate on a tax-deferred basis until withdrawal. Guaranteed income stream: Annuities provide a predictable income stream in retirement that can ...
Deferred compensation is an arrangement in which a portion of an employee's wage is paid out at a later date after which it was earned. Examples of deferred compensation include pensions , retirement plans , and employee stock options .