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A 457 plan is a retirement plan for state, city, town and government subdivision employees.
It is an employer-sponsored deferred compensation program. You defer paying taxes on that
part of the income you pay into your retirement savings. 457 plans are similar to 401(k) plans.
457 refers to the section (457) of the Internal Revenue Code and was created in 1978.
Not to be confused with Private tax-exempt 457 (b) Plans. (see FAQ for more info)
The most important thing to know about a 457 plan is that it can drastically change your life, it is a great benefit and an amazingly simple way to save for your future.
YOU CAN NOW ROLLOVER YOUR MONEY ….a law now permits state and or municipal
employees to rollover a 457 tax-deferred tax plans into a 401(k) or a 403(b), or an IRA,
upon retirement or if he or she changes jobs. This law took effect on January 1, 2002.
Prior to this law, if you changed jobs or retired, the only option available was leaving it orrolling over into the new employer's 457 plan. Not always the best option! And certanly not the control you deserve over your hard earned money!
Now, you can not only continue put off paying taxes on your retirement
money, but you can allow your nestegg to continue to potentially grow and have more control over
how your money is invested. CHOICE IS GOOD!
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Retirement at a Glance
“A happy person is not a
persn in a certain set of circumstances, but rather a person with acertain set of attitudes,” |
Rolling Over Your 457 | Become a member
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