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401(k) Plan vs. 457 Plan: What's the Difference?

401(k) Plan vs. 457 Plan: What's the Difference?

401(k) plans and 457 plans are two types of IRS-sanctioned, tax-advantaged employee retirement savings plans. As workplace pensions become obsolete, however, personal retirement savings has increasingly come to serve as most people's primary retirement plan, along with Social Security.