"[Internal Revenue Code section] 457 plans are for state- and local-government workers, as well as certain executive employees of nonprofit organizations.... Among the big positives of 457 plans is that withdrawals are more flexible than is the case for withdrawals from 401(k)s or 403(b)s.... Contributors to 457 plans may also have a bit more latitude in when they can make catch-up contributions ... [W]orkers may also have the opportunity to contribute to a 457(b) plan in addition to -- rather than instead of -- their 403(b) plans ... Among the chief drawbacks is that matching contributions are rare.... It's also important to note the distinction between government and nongovernment 457 plans from the standpoint of creditor protections."  MORE >>