457

Learn about 457 and more with Workstream and improve your hiring vocabulary. Workstream helps companies hire better, faster - everyday.
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What is a 457?

 

A 457 is also commonly called a Deferred Compensation Plan. It is an IRS-sanctioned

employee retirement plan offered by state and local public sector employers. This plan is

for state and local public workers and other highly-paid executives of non-profit

organizations like charities. 

 

What makes a 457 unique? 

 

A participating employee can contribute a percentage of their salary to a retirement

account via payroll deduction. The funds in a 457 can accumulate over time and shall be

taxed upon withdrawal. The maximum contribution to a 457 plan in 2021 is $19,500

annually. 

 

Who can make contributions to a 457?

 

Both participating employees and employers can contribute to a 457 plan.

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