Business and Personal Finance Dictionary

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• 457
  
  This tax-deferred retirement savings plan was designed for state and municipal employees. Like 401(k) and 403(b) plans, the money you contribute is not taxed until you begin making withdrawals-usually at retirement. Unlike many employer-sponsored salary reduction plans, however, 457s are funded solely by the employee, and the annual contribution cap is somewhat lower than for 401(k) plans.
  
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