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457(b) Eligible Deferred Compensation Plans for State and Local Governments
Eligible Deferred Compensation plans, also known as 457(b) plans for the Internal Revenue Code section which authorizes state and local governments to establish these plans, allow eligible public employees to defer receiving a portion of their compensation and instead have it contributed to the plan on their behalf.
These contributions are made on a pre-tax basis — no current income tax is due and no income tax withholding is required on amounts contributed to the plan until withdrawals or distributions are made. This reduces the participant’s income tax withholding and tax liability immediately, making it much easier for them to save.
The Standard offers 457(b) governmental plans through our Mainspring Retirement Plan SolutionsSM product.
457(b) Eligible Deferred Compensation Plans for State and Local Governments
Eligible Deferred Compensation plans, also known as 457(b) plans for the Internal Revenue Code section which authorizes state and local governments to establish these plans, allow eligible public employees to defer receiving a portion of their compensation and instead have it contributed to the plan on their behalf.
These contributions are made on a pre-tax basis — no current income tax is due and no income tax withholding is required on amounts contributed to the plan until withdrawals or distributions are made. This reduces the participant’s income tax withholding and tax liability immediately, making it much easier for them to save.
The Standard offers 457(b) governmental plans through our Mainspring Retirement Plan SolutionsSM product.
