457: These tax-deferred retirement savings plans are available to state and municipal employees. Like 401(k) and 403(b) plans, the money you contribute and any earnings that accumulate in your name are not taxed until you withdraw the money, usually after retirement. The contribution levels are also the same, though 457s may allow larger catch-up contributions. You also have the right to roll your plan assets over into another employer's plan, including a 401(k) or 403(b), or an individual retirement account (IRA) when you leave your job.

 

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457: These tax-deferred retirement savings plans are available to state and municipal employees. Like 401(k) and 403(b) plans, the money you contribute and any earnings that accumulate in your na . . . View Full Definition

Pretax Contribution: A pretax contribution is money that you agree to have subtracted from your salary and put into a retirement savings plan or other employer sponsored benefit plan. Your taxable earnings are r . . . View Full Definition

Salary Reduction Plan: A salary reduction plan is a type of employer-sponsored retirement savings plan. Typical examples are 401(k)s, 403(b)s, 457s, and SIMPLE IRAs. A salary reduction plan allows you, as an emplo . . . View Full Definition

Portable Benefits: Benefits or accumulated assets that you can take with you when you leave your employer or switch jobs are described as portable. For instance, if you contribute to a 401(k), 403(b), 457, or . . . View Full Definition