|
gptkbp:instanceOf
|
retirement plan
|
|
gptkbp:catchUpContributionLimit2023
|
$7,500
|
|
gptkbp:catchUpProvision
|
age 50 and over
final 3 years before retirement
|
|
gptkbp:contribution
|
tax-deferred
|
|
gptkbp:contributionLimit2023
|
$22,500
|
|
gptkbp:employerContribution
|
optional
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
457(b) plan
|
|
gptkbp:introducedIn
|
1978
|
|
gptkbp:loansAllowed
|
varies by plan
|
|
gptkbp:namedAfter
|
Internal Revenue Code Section 457
|
|
gptkbp:offeredBy
|
certain tax-exempt organizations
local government employers
state government employers
|
|
gptkbp:participants
|
government employees
nonprofit employees
|
|
gptkbp:purpose
|
retirement savings
|
|
gptkbp:regulates
|
Internal Revenue Code Section 457(b)
|
|
gptkbp:requiredMinimumDistributions
|
age 73 (as of 2023)
|
|
gptkbp:rolloverAllowed
|
gptkb:IRA
gptkb:401(k)_plan
gptkb:403(b)_plan
|
|
gptkbp:vesting
|
varies by plan
|
|
gptkbp:withdrawalPenalty
|
no early withdrawal penalty
|
|
gptkbp:withdrawalTaxation
|
subject to ordinary income tax
|
|
gptkbp:bfsParent
|
gptkb:Section_457
|
|
gptkbp:bfsLayer
|
7
|