These plans are available to employees of city or state governments. A 457 deferred compensation plan permits employees to make salary deferral contributions as well as defer taxes on both the contributions they invest and the earnings of their investment until some later date.
Up to $15,500 ($20,500 if over age 49) maximum in year 2007 can be set aside from gross pay each year. The employer chooses where to place employee funds — in a guaranteed fixed account or in one of many mutual funds that differ in investment objectives and performance results.
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