457(b) Plan

The 457(b) plan is an employer-sponsored voluntary retirement savings plan that allows you to save money for retirement on a tax-deferred basis. The plan contains most of the same features of the 403(b) plan, but is different in one unique way. Distributions from a 457(b) Deferred Compensation Plan are not subject to the 10 percent excise tax for early withdrawal.

Contribution Limits

• 2023: $22,500
• 2024: $23,000
• Participants aged 50 and older at any time during the calendar year are permitted to contribute an additional $7,500.

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