457(b) plans
Prepare for a comfortable retirement with a 457(b) plan
A 457(b) deferred compensation plan, which is like a 401(k) for public service employees, can help supplement your pension. It’s specifically designed for those who work for the state or local government, has the flexibility to adjust as your needs change and can help you turn your salary into a more comfortable retirement.
Your pension and 457(b) plan work together
How can a 457(b) deferred compensation plan help you save?
- Every dollar counts – Start saving whatever amount works for you, start or stop, decrease or increase your contributions up to the federal maximum, at any time.
- It’s automatic – You pay yourself first, because your savings are deducted right from your paycheck.
- It’s flexible – Select the investments you’re most comfortable with – and change them when you want.
- You won’t pay taxes while you’re saving – Your contributions into the 457(b) plan are deducted from your salary before income taxes, meaning that taxes are deferred until you withdraw the money from your account, which is typically when you’re retired and often in a lower tax bracket. That means all of your earnings stay invested, letting your money grow faster than it would in a taxable account.
Are you saving enough?
Our retirement calculator can help you estimate how much you should save and how much retirement income you could potentially have. Answer four quick questions to find out if you’re saving enough.
Employees in the public sector trust Equitable
We know public service employees have unique needs. You spend your time making our communities better every day. We want to help you make your retirement better too.
Since 1859, Equitable has helped people build and secure their financial futures. Our 457(b) plan is designed to meet the specific needs of public service professionals. That’s just one reason why we are the #1 choice for educators in K-12 schools1 and a top choice for many other public service employees across the country. We’ve won the DALBAR Service Award for outstanding customer service seven years in a row2 (2011-2017).
1 LIMRA, Not-For-Profit Survey, Q4 2017 results based on 403(b) participants and contributions.
2 Source: http://www.dalbar.com/Awards/ServiceAwardWinners
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