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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 ...
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.
Employees must pay taxes on deferred compensation at the time such compensation is eligible to be received (not just when it is drawn out). [2] Deferred compensation is also sometimes referred to as deferred comp, qualified deferred compensation, DC, non-qualified deferred comp, NQDC, or golden handcuffs.
Once passed, the plan could be advanced to the full County Board. In 2000, the head of the County's Human Resources department testified that, according to the Milwaukee's only daily newspaper, the "backdrop benefit cost estimate was done. County pension consultants from Mercer Inc. do not speak up, though say later they knew the remark was ...
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In the United States, a 403(b) plan is a U.S. tax-advantaged retirement savings plan available for public education organizations, some non-profit employers (only Internal Revenue Code 501(c)(3) organizations), cooperative hospital service organizations, and self-employed ministers in the United States. [1]
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Prior, he was a reporter for the Milwaukee Journal Sentinel. He won the 2008 Pulitzer Prize for Local Reporting for a six-month investigation of Milwaukee County 's pension system, citing "his stories on the skirting of tax laws to pad pensions of county employees, prompting change and possible prosecution of key figures."