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A 457 plan is a deferred compensation plan that lets you save for retirement with pretax salary deferrals while reducing your taxable income.
Three groups of individuals are eligible for 457 plans:
Keep in mind that 457 plans have contribution limits that are separate from those of other retirement plans. This means that if you’re eligible to participate in a 457 plan and another deferral program, such as a 403(b) or 401(k) plan, you can contribute the maximum amount to both plans. For example, in 2018, a public school employee can defer $18,500 into a 403(b) plan and another $18,500 into a 457(b) plan.
Your financial advisor can provide information about the types of retirement plans available.
This information is for educational purposes only. Edward Jones, its employees and financial advisors cannot provide tax or legal advice.