A tax-exempt deferred compensation program made available to employees of state and federal governments and agencies. A 457 plan is similar to a 401(k) plan, except there are never employer matching contributions and the IRS does not consider it a qualified retirement plan. Participants can defer some of their annual income (up to an annual limit), and contributions and earnings are tax-deferred until withdrawal. Distributions start at retirement age but participants can also take distributions if they change jobs or in certain emergencies. Participants can choose to take distributions as a lump sum, annual installments or as an annuity. Distributions are subject to ordinary income taxes and the amounts cannot be transferred into an IRA.
Related information about 457 plan:
- 457 plan - Wikipedia, the free encyclopedia
The 457 plan is a type of non-qualified tax advantaged deferred-compensation retirement plan that is available for governmental and certain non-governmental ...
- IRC 457(b) Deferred Compensation Plans
Oct 22, 2012 ... Notice 2005-5, Automatic Rollover. Rev. Rul. 2004-57, Union Administered 457 Plan. Rev Rul 2004-12, Rollovers to Eligible Retirement Plans ...
- What's a 457 plan? - CNN Money
A 457 plan is a kind of defined contribution retirement plan for state and local public employees. It can also be offered by certain nonprofit organizations.
- What May My 457 Plan Be Worth? | Calculators by CalcXML
It may surprise you how significant your retirement accumulation may become simply by saving a small percentage of your salary each month in your 457 Plan.
- 457 Plan Definition | Investopedia
A non-qualified, deferred compensation plan established by state and local governments and tax-exempt governments and tax-exempt employers. Eligible ...
- The 4-1-1 On 457 Plans - Forbes.com
Mar 19, 2010 ... For example, an employee who only contributed $8,000 to his 457 plan in 2009 could contribute an additional $8,500 in 2010. A participant ...
- 457 Retirement Plans | Get 457 Tax Deferred Plans from Nationwide ...
457 plan differences. Although they're alike in many ways, there are some differences between 401k and 457 plans, particularly when it comes to early ...
- CalPERS Supplemental Income 457 Plan
The CalPERS Supplemental Income 457 Plan is for employees of participating public agencies and schools. Learn about how our plan can benefit you by ...