457 Plans
Deferred compensation plans described in Section 457 of the Federal tax code are
available for some state and local governments and non-governmental entities that
are afforded tax-exempt status under Section 501.
These plans fall into two groups: (1) eligible plans under Section 457(b), or (2)
ineligible plans under Section 457(f). Section 457(b) (eligible) plans allow the
employees of sponsoring organizations to defer income taxes on retirement savings
into future years. Ineligible plans may create less favorable tax treatment as detailed
in Section 457(f) of the Federal tax code.
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