403(b) and 457 plans
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403(b) plans are special tax-deferred retirement plans available to employees of qualifying hospitals, educational institutions, churches and many non-profit organizations.
457 plans are tax-deferred retirement plans available only to state and local government employees and certain employees of many tax-exempt organizations. The money is allowed to grow tax-deferred until it is taken out of the plan, when it is taxed.
Both 403(b) and 457 plans help you start investing regularly for your retirement. Your gross taxable income is reduced by the contributions you make and your money grows on a tax-deferred basis. It is usually easy to sign up for a 403(b) or 457 plan; some employers even allow for an automatic payroll deduction for eligible employees of 403(b) and 457 plans.
These plans are available through your employer and are offered by plan document.
Source: IRS consumer website (http://www.irs.gov/publications/p571/ch01.html and http://www.irs.gov/pub/irs-tege/457_outline.pdf)
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