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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.
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.
A 457 (b) retirement plan is a tax-advantaged saving scheme available to government and certain non-profit employees. It allows participants to defer income taxes on retirement savings until...
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(b) plan are made before income tax is paid and allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan. 403 (b) plans are also referred to as a tax-sheltered annuity ( TSA) although since 1974 they no longer are restricted to an annuity form and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 ...
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a later date after which the income was earned. Examples of deferred compensation include pensions, retirement plans, and employee stock options.
How does it work? Should you go for it, or should you pass? Before you jump on this executive perk, dig a little deeper to understand the risks and rewards involved.