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457(b) and 457(f) Plans

457 plans are used by non-profit or government entities to allow for additional saving above and beyond the IRS deferral limits for 403(b) plans.

Government 457(b) plans are similar to 401(k) accounts since they can be rolled into an IRA. These plans are also protected from sponsor and individual creditors. 457(b) plans for non-profit entities are subject to the creditors of the organization and cannot be rolled into an IRA account. The plans are typically added on top of the 403(b) with the same provider and same investments.

457(f) plans are not common. These plans require an additional level of fortfeitability to apply and the assets are subject to a sponsor’s creditors. These plans typically have no contribution limits. The plan investments can be implemented in a wide variety of scenarios.