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If your new employer sponsors a Section 457(b) eligible deferred compensation plan, you may also transfer all or a portion of your Plan account balance directly to that employer's plan as long as the other plan will accept the transfer.
A 457 (b) plan is a tax-deferred retirement savings plan that lets you defer part of your wages and save them for retirement. Learn more here.
Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).
Unless the money is rolled over into another qualifying plan within 60 days of receipt, it will be taxed based on your tax bracket. Keep in mind that receiving a lump sum may push you into a higher tax bracket. Qualifying Roth 457 withdrawals may be taken tax-free.
Your deferred comp plan will work for you whether you're approaching retirement or just getting started investing – putting away money in a tax-deferred account can offer several benefits. See how your investment can potentially grow due to the power of time and compounding.
26 Ιαν 2024 · A 457 (b) plan is a type of retirement plan available only to public sector employees and certain types of tax-exempt organizations. It has several benefits, including being pre-taxed, tax-deferred, and containing many investment options for employers to choose from.
The New York City Deferred Compensation Plan (DCP) is a tax-favored retirement savings program available to New York City employees. The Plan is comprised of two programs: a 457 Plan and a 401 (k) Plan. Eligible employees may choose to enroll in either the 457, the 401 (k), or both. There are two different types of contributions that can be ...
