What Is A 457 Retirement Plan? And How Does It Works?

Submitted by Pension & Wealth Management | November 24, 2021, 04:40:36 | Business

There are some nonprofit organizations, state governments, and local governments offering non-qualified, tax-advantaged, deferred compensation retirement plans under the 457 plan. Participants are eligible to defer their salaries through salary deferral contributions, allowing pre-tax money to compound without being taxed until withdrawn. In a 457 retirement plan, employers offer a tax-advantaged retirement plan. With this type of plan, employees contribute pre-tax dollars each month, and the payments are not taxed until they withdraw the funds, usually for retirement.

Article source: https://www.theprbuzz.com/what-is-a-457-retirement-plan-and-how-does-it-works/

Tag: #457 retirement plan #qualified retirement plan #retirement #retirement planning

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