What Is Retirement Plan 457?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   A 457 plan is a deferred compensation, non-qualified tax deferred-compensation retirement plan. 457(b) plans are used by state and local governments and 501(c) organizations. 457 plans has similarities to defined contribution plans like 401(k)s, but no 10% penalty for withdrawals before age 59½. 457 plans are predicted on deferring income.

   Answered on September 12, 2013

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