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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.
While technically "deferred compensation" is any arrangement where an employee receives wages after they have earned them, the more common use of the phrase refers to "non-qualified" deferred compensation and a specific part of the tax code that provides a special benefit to corporate executives and other highly compensated corporate employees.
Roth IRA and 457(b) plans give savers tax-advantaged ways to fund a secure retirement. Almost anyone can open a Roth IRA account with after-tax dollars that then grow tax-free. Only state and ...
A 457(b) plan (also referred to as a 457 plan) is a retirement savings vehicle available to some state and local government employees. It works like a 401(k) in that employees can divert a portion ...
An example of an exception is a non-governmental 457 plan which cannot be rolled into anything but another non-governmental 457 plan. The tax treatment of the above types of IRAs (except for Roth IRAs) are very similar, particularly for rules regarding distributions.
This is a significant benefit, as it allows you to save more in a tax-deferred environment,” Meyer said. ... Roth vs. Traditional, 401(k) vs. IRA: The Best Account To Use at Every Age.
Beginning in 2006, 403(b) and 401(k) plans may also include designated Roth contributions, i.e., after-tax contributions, which will allow tax-free withdrawals if certain requirements are met. Primarily, the designated Roth contributions have to be in the plan for at least five taxable years and you have to be at least 59 years of age.
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