403(b) and 457(b) plan are tax-deferred retirement savings programs. A deferred compensation plan 457(b) or 457 is a retirement plan offered by your employer, created to allow public employees to put aside money from each paycheck toward retirement. A deferred com plan helps bridge the gap between what you have in your pension and Social Security, and how much you'll need in retirement. Your employer may offer Roth 457(b) accounts with the 457(b) plan.
What does tax-deferred mean? Basically, you don't pay income taxes on your deferred comp plan contribution or earning until you retire and/or begin to take payments from your account. This may lower you taxable income now and in retirement. Withdrawals taken in retirement are taxed as regular income.
403(b) Retirement Savings Plan - an opportunity to take advantage of tax-deferred income for your retirement.
We offer plans through VRS (Hybrid Plans only) , Nationwide and Corebridge Financial.
