A 457 plan is a type of retirement plan offered by government and nonprofit organizations. 457 plans allow you to defer a portion of your pay, invest in various assets, and pay taxes upon withdrawal.

401(k) plans and 457 plans are tax-advantaged retirement savings plans. 401(k) plans are offered by private employers, while 457 plans are offered by state and local governments and some nonprofits.

A 457 plan can also be used in tandem with other accounts like a 401(k) or IRA. In many cases, you may be able to choose both a 457 and another plan to maximize your contributions.

457 vs. 401k: Similarities and Differences. Learn the largest similarities and differences between a 457 plan versus a 401(k). Eligibility. One major difference in eligibility between the plans is ...

457 plan contribution and catch-up limits for 2025. The maximum amount you can contribute to a 457 retirement plan in 2025 is $23,500, including any employer contributions.

The maximum contribution to a 401(k) plan that an employee can make ‒ not including matching contributions from an employer ‒ ...

The catch-up contribution limit that applies to employees aged 50 and up enrolled in most 401(k), 403(b), governmental 457 plans and the Thrift Savings Plan will remain at $7,500 for 2025. Workers ...

As a retired New York City employee, I don’t pay New York State taxes on my pension payments.Are the distributions from my 401(k) and 457 plans also considered annual retirement payments and ...

The 457 plan’s record keepers are Corebridge Financial, Empower Retirement and Voya Financial. The RFP does not disclose whether the current consultant is invited to rebid.

Even so, 363 of the city's 1,071 employees direct their 4.5% contribution into their 457 plan, according to the Nov. 19 city council meeting. Many of these employees are Wilmington firefighters.