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.

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