457(b)
A deferred-compensation retirement plan for state, local, and some nonprofit employees.
Why it matters
The killer feature: no 10% early-withdrawal penalty. If you leave your employer at any age, you can withdraw without penalty. Contribution limits mirror the 401(k). Government 457s can be combined with a 401(k) or 403(b) for double the salary deferral.
See also
Educational only — not financial, tax, or legal advice.