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Definition of '457 Plan'
A non-qualified, deferred compensation plan established by state and local governments and tax-exempt governments and tax-exempt employers. Eligible employees are allowed to make salary deferral contributions to the 457 plan. Earnings grow on a tax-deferred basis and contributions are not taxed until the assets are distributed from the plan.
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Investopedia explains '457 Plan'
Employees are allowed to defer up to 100% of compensation not exceeding the applicable dollar limit for the year. If the plan does not meet statutory requirements, the assets may be subject to different rules.
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Here you will find tutorials that are each devoted to one the most common retirement plans, explaining how to establish, fund, and then take distributions from it.
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We give you some tips on preserving your nest egg in the face of unavoidable withdrawals.
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Recent legislation has made 457 plans similar to other types of plans, but there are still big differences. Read on to learn them.
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Staying employed a little longer may allow for a more comfortable retirement.
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