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.

In 2019, you can contribute 100 percent of your includible compensation up to $19,500, whichever is less. If you are age 50 or older, you can contribute up to an additional $6,000 for a total of $26,000.

457(b) Lewisville Information

FICA Alternative plans to provide all employees the opportunity to have retirement savings and to lessen the employer’s Social Security tax burden. Participating employees are not subject to Social Security taxes while covered by this plan. Contributions to this plan are made on a pretax basis.

FICA Alternative Lewisville Information