Governmental 457(b) Plan
1A defined benefit plan is a pension program generally funded with employer dollars that promises the participant a percentage of pay or flat dollar amount at retirement age, usually age 65.
2A 403(b) is a type of employer-sponsored retirement plan available generally to employees of nonprofit and educational organizations (e.g., public schools) defined in Section 501(c)(3) of the Internal Revenue Code. A 403(b) retirement plan allows the participants to save their own money on a pretax or Roth aftertax basis.
CIRCULAR 230 DISCLOSURE: To comply with Treasury Department regulations, we inform you that, unless otherwise expressly indicated, any tax information contained herein is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed under the Internal Revenue Code or any other applicable tax law, or (ii) promoting, marketing, or recommending to another party any transaction, arrangement, or other matter.