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What is a 457 Plan and Who Qualifies for One? What is a 457 Plan and Who Qualifies for One? A 457 plan is a "non-qualified, deferred compensation plan" that allows employees to defer up to 100% of their income up to the permitted dollar amount per year.
A 457 plan or 457(b) plan is an employer-sponsored, tax-favored retirement savings account. This type of plan is offered to state and local government employees, including police officers, firefighters, and other civil servants.
Generally speaking, 457 plans are non-qualified, tax-advantaged, deferred compensation retirement plans offered by state governments, local governments, and some nonprofit employers. Eligible participants are able to make salary deferral contributions, depositing pre-tax money that is allowed to compound without being taxed until it is withdrawn.
Money saved in a 457 plan is designed for retirement, but unlike 401(k) and 403(b) plans, you can take a withdrawal from the 457 without penalty before you are 59 and a half years old. This is very important rule that often times goes overlooked with the 457 plan.