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Plan Types and Provisions
457 Deferred Compensation Plan
Available only to state and local government entities, these plans allow employees to defer a portion of current income on a pre-tax basis. The deferral limits are the same as those under a section 401(k) provision.
Catch-up contributions in addition to those discussed relative to 401(k) deferrals are available under special rules prescribed by the Internal Revenue Service.
State and local government entities cannot sponsor profit sharing plans or 403(b) plans.