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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.
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 ...
t. e. Section 409A of the United States Internal Revenue Code regulates nonqualified deferred compensation paid by a "service recipient" to a "service provider" by generally imposing a 20% excise tax when certain design or operational rules contained in the section are violated. Service recipients are generally employers, but those who hire ...
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. Employee contributions are deposited in the DCP and federal and state taxes will remain deferred until contributions are withdrawn.
A couple trying to research if they can rollover their 457 to an IRA. The movement of funds from a 457 (b) plan to an IRA, typically tax-free if completed within 60 days, is actually shifting ...
Both qualified and non-qualified deferred compensation plans can have vesting periods. Qualified plans are required to have vesting periods. Non-qualified plans are not, but occasionally do.
Deferred compensation and other supplemental income plans. CalPERS is responsible for a deferred compensation retirement plan and two other plans to supplement income after retirement or permanent separation from State employment. As of December 2014: The CalPERS 457 Plan serves 27,526 participants and had $1.296 billion in assets.
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