457 Plans
A 457 Plan is very similar to a 401k plan and a 403b plan.
These plans are generally offered to government employees (state and local) and some tax-exempt organizations. These plans are commonly called non-qualified deferred compensation plans.
A non-qualified plan is an employer sponsored plan that does not meet the tax qualification requirements under Internal Revenue Code Sec 401(Qualified Plan Requirements). Many retirement plans are non-qualified includings SEP, SIMPLE and Tax Sheltered Annuities (TSA). These type of plans are governed by their own rules.
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Contribution Limits
401k, 403b, 457 and Roth 401k
Tax Year Under Age 50 Above Age 50
2016 $17,500 $23,000
2017 $18,000 $24,000