The CalPERS 457 Plan is a voluntary deferred retirement savings plan that allows you to defer any amount, subject to annual limits, from your paycheck. Your local Benefits Office is a resource for answers to questions about your benefits and for benefits publications and forms.Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations. A nonqualified deferred compensation plan can reduce your taxable income, but there are risks to consider. How do I make contributions to my DCP account? At enrollment, select a percentage of pay or dollar amount to contribute each pay period. A 457(b) plan is a tax-deferred retirement savings plan. Funds are withdrawn from an employee's income without being taxed and are only taxed upon withdrawal.