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The 457 (b) retirement plan offers many advantages to government workers, including tax-deferred growth of their savings, but these plans do come with some drawbacks.
457 plan. 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.
This type of account is designed to help government and nonprofit workers save for retirement. If you invest in a 457(b) plan, you'll have access to certain advantages like tax-deferred growth and ...
Examples of defined contribution plans include individual retirement account (IRA), 401 (k), and profit sharing plans. In such plans, the participant is responsible for selecting the types of investments toward which the funds in the retirement plan are allocated. This may range from choosing one of a small number of pre-determined mutual funds to selecting individual stocks or other ...
Some workers can make additional catch-up contributions, too. State and local government workers can contribute $500 more to their 457 plans in 2020 than they could in 2019. Some workers can make ...
Individual Account Program Created originally as a mechanism to divert member contributions away from the "money match" pension program that was partially responsible for generous benefits above the system's income replacement target, the IAP is a qualified defined contribution plan akin to a 401 (k), 403 (b), or 457 (b).
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