URS 457 Plan
Video: 401(k) and 457 Basics
“Mike the Retirement Guru” breaks it down
No 10% early withdrawal penalty
The URS 457 Plan
allows you to contribute pre-tax dollars that grow tax-deferred until
A 457 is much like a 401(k), but designed specifically for public employees. The
major difference: Unlike the 401(k), there's no 10% early withdrawal penalty tax
if you withdraw funds before you're 59½.
Three types of contributions are typical: 1) Your employer contributes; 2) Your
employer matches your contributions; 3) You contribute.
You may also roll over funds from other 457(b) plans into your 457.
The advantage to you is that these contributions grow tax-deferred until they're
withdrawn (typically in retirement). Deduction from your paycheck are taken before
taxes (see specific details).
Most Utah employees, including those of the State of Utah, are eligible. Check with your employer or go to