Understand how a 457 plan works after retirement, including withdrawal rules, rollover options, tax implications, and strategies to maximize your savings.

The Drexel University 457(b) Deferred Compensation Plan is a voluntary retirement savings plan for faculty and professional staff members whose salary exceeds $150,000 during a calendar year. The plan ...

Similar to the better-known 401(k) plan in the private sector, the 457 plan (sometimes called a "457(b) plan") allows employees to deposit a portion of their pre-tax earnings in an investment account.

But here's the difference: If your employer also offers a 401(k) or 403(b) plan, you can contribute to both the 457 and the other plan. Moreover, you can invest up to the maximum in each account.