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If you invest in a 457(b) plan, you'll have access to certain advantages like tax-deferred growth and the opportunity to choose how to invest funds. There are also potential disadvantages to keep in mind, including fees that may be higher than other types of investments and no employer match.
The Maine Jobs & Recovery Plan is Governor Mills' plan, approved by the Legislature, to invest nearly $1 billion in federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.
The Maine Economic Recovery Grant Program is intended to help sustain the viability of Maine's small businesses and nonprofits - not to replace lost profits ? by providing short-term financial relief for businesses and non-profit organizations that incurred business disruptions as a result of the COVID-19 pandemic.
The MaineSaves plan is a voluntary retirement savings program. You choose how much you'd like to save and where you'd like your money invested. This is an easy, pre-tax way to save additional funds towards retirement conveniently through payroll deduction.
Administered by FAME, Thrive Maine is a forgivable loan program for businesses and nonprofits that demonstrate COVID-related negative economic impacts.
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
457(b) plans are generally available for state and local government employees, as well as certain tax-exempt nonprofits. These plans are very similar to other types of employer-offered retirement accounts. Employees can make contributions up to the annual limit, invest these funds, and grow their retirement nest egg.