457 Defined Contribution Plan

A 457 Plan can function very similar to a traditional 401(k) plan.

A 457 plan is a type of defined contribution retirement plan available to state and local public organizations, but can also be offered by select nonprofit organizations.

What is a 457 Retirement Plan?

This form of retirement plan works very similar to a traditional 401(k) plan: allowing the employees options to divert part of your salary into the plan where money is automatically deducted from your paycheck before taxes are taken out.