Web Reference: Aug 28, 2025 · A 457 (b) plan is similar to a 401 (k) but applies to employees of government agencies, public services, and nonprofit organizations such as hospitals, churches, and charitable organizations. Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457 (b) or ineligible plans under IRC 457 (f). Feb 12, 2025 · 457 (b) Plans are deferred compensation plans that provide employees with the opportunity to defer a portion of their income for future use. By participating in a 457 (b) Plan, employees can enjoy tax advantages, as the deferred money remains untaxed until it is withdrawn.
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