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Typically, you end up paying the tax when you take the money out to spend it, normally in retirement. This means that by using a 457(b) you may save on taxes for your retirement savings. This is especially true if you expect to be in a lower tax-bracket in retirement, as many retirees are.

A 457(b) retirement plan is similar to a 401(k) or 403(b) plan, in that a 457(b) plan is offered through your employer, and your contributions are taken from your paycheck on a pre-tax basis, which ultimately lowers your taxable income.

Unlike a 401k with contributions housed in a trust and protected from the employer's (and the employee's) creditors, a deferred compensation plan (generally) offers no such protections. Instead, the employee only has a claim under the plan for the deferred compensation.

deferred savings plan is an investment account that allows a taxpayer to postpone paying taxes on the money invested until it is withdrawn, generally after retirement. The bestknown such plans are individual retirement accounts (IRAs) and 401(k)s.

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

A 457 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 Funds are withdrawn from an employee's income without being taxed and are only taxed upon withdrawal, which is typically at retirement, after the funds have had several years to grow.

Unlike a 401(k) or traditional IRA, there are no contribution limits for a deferred compensation plan. The 401(k) plan contribution limits for 2021 are $19,500, or $26,000 if you are 50 or older. Traditional IRAs have a maximum contribution of $6,000 in 2021, or $7,000 if you are at least 50 years old.

Deferred compensation plans can be a great savings vehicle, especially for employees who are maximizing their 401(k) contributions and have additional savings for investment, but they also come with lots of strings attached.

Advantages & Disadvantages of 457(b) and 457(k) Plans ProsConsTaxes on your contributions, interest and dividends are deferred until you withdraw money.The maximum annual limit for contributions is $39,000 (including all catch-up contributions); far below the $63,000 limit for total 401(k) contributions.3 more rows

Withdrawals from 457 retirement plans are taxed as ordinary income. However, distributions from a ROTH 457 plan are not subject to tax withholding. Also, 457 plan participants are permitted to roll over their funds into other qualified plans. Rollovers, except into a ROTH IRA, are not taxable events.

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Provides retirement, disability, and death benefits to the employees, retirees, and former employees of the County of Alameda. C. All teachers may, upon request, review materials in their personnel file.East Bay Community Energy (EBCE) is Alameda County's electricity generation provider. I Have an Annuity And I Need Cash Now! This plan can help provide financial security to you and your family upon retirement or in the event of your death. Zoom Link was emailed to seniors. Fall 2022 Registration Dates. We may refuse to process any request for a foreign exchange transaction. J. Du Four , Alameda . If you're an owner, end user, member, or contractor and need a copy of our current wage rates, please feel free to fill out the form below with your …

Alameda California Stop Annuity Request

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