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The 457 plan is a type of nonqualified, 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.
Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Employer contributions are mandatory, while employees are not necessarily required to contribute to the plan. Early withdrawals from the plan are permitted, but they may be subject to a penalty. See also. 401(k) 403(b) 457(b) and 457(f) plans; Individual retirement account; List of finance topics; Taxation in the United States; Thrift Savings Plan
Employee salary deferrals into a 403(b) plan are made before income tax is paid and allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan. 403(b) plans are also referred to as a tax-sheltered annuity ( TSA ) although since 1974 they no longer are restricted to an annuity form and participants can also ...
Background. At the beginning of 1917, the British and French were still searching for a way to achieve a strategic breakthrough on the Western Front. The previous year had been marked by the costly success of the Anglo-French offensive astride the River Somme, while the French had been unable to take the initiative because of intense German pressure at Verdun until after August 1916.
Joseph Robinette Biden Jr. (/ ˈ b aɪ d ən / BY-dən), born November 20, 1942, is an American politician who is the 46th and current president of the United States since 2021. A member of the Democratic Party, he previously served as the 47th vice president from 2009 to 2017 under President Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.