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457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
Just like a 401(k) or 403(b) retirement savings plan, a 457 plan allows you to invest a portion of your salary on a pretax basis. The money grows, tax-deferred, waiting for you to decide what to do with it when you retire. You're about to retire.
Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.
Typically, you can't roll funds over from your 457(b) plan if you're still employed by, or ?in-service? with the company offering the plan. Some plans may allow an in-service withdrawal once you've reached a certain age. Once you leave that employment, you can roll over funds into an account of your choosing.
Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.
All distributions are taxed as ordinary income. Roth contributions ? Contributions are made on an after-tax basis. Earnings accumulate on a tax-deferred basis, and distributions are tax-free if made five years after the initial contribution to the plan and the employee is over 59½.
While you are employed, your employer may permit you to take a withdrawal from your 457(b) plan due to an unforeseeable emergency. All unforeseeable emergency withdrawal requests will be reviewed in ance with the plan's procedures for a determination as to whether the withdrawal is permitted.
The plan is offered only to public service employees and employees at tax-exempt organizations. Participants are allowed to contribute up to 100% of their salaries up to a dollar limit for the year. The interest and earnings in the account are not taxed until the funds are withdrawn.