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Definition of a 457 plan
A 457 plan is a non-qualified, deferred compensation plan established by state and local governments and tax-exempt employers. With a deferred compensation plan you postpone receiving a portion of your salary to be received at a later date. In many cases, employers that allow employees to participate in 403(b) plans also offer 457 plans to their employees.
457 plans offer the following features:
- a “standard” 457 catch-up provision,
- the unique ability to withdraw account savings before age 59 1/2, after separation from service, without a 10% early withdrawal penalty, and
- the flexibility to consolidate retirement accounts.
There are risks associated with investing in mutual funds and variable annuities, including potential loss of principal value.
Variable annuities are subject to market risk which may cause value to fluctuate including loss of principal for variable accounts. Variable annuities are long term investments that involve insurance related fees and charges such as mortality and expense risk charges and administrative charges.
For more complete information about funds including a fund’s objectives and risks, and its charges and expenses, please call 1-800-292-1950 for a product prospectus. Please read the prospectus and carefully consider the investment objectives, risks and charges and expenses and other information before investing because these factors will directly affect future returns.
Guarantees and/or payments are based on the claims-paying ability of Issuer and not on the value of the securities within the account.
MEA Financial Services/Paradigm Equities, Inc. does not give tax or legal advice. The comments regarding the law and tax treatment simply reflect our understanding of current interpretations of such laws. Since laws are always subject to interpretation and possible changes, we recommend that you seek the counsel of an attorney, accountant or other qualified tax advisor regarding these matters as it applies to your particular situation.