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hi my name is matt daly and welcome back to the financial success academy in this episode well discuss the basics of your 457b deferred compensation plan and how it differs from other types of retirement plans [Music] a 457b plan is a type of non-qualified retirement savings vehicle that is available for governmental and some non-governmental employers in the united states it allows you to save and invest portions of your income today in order to generate income in retirement on the decision point 457b platform participants have the ability to make salary contributions on either a pre-tax or roth after-tax basis these dollars go into the account get invested and hopefully grow with financial markets over your career a unique benefit to a 457b plan is the flexibility in taking distributions from that account in most retirement accounts like a 401k ira or roth ira you cannot access those funds until age 59 and a half or youll pay a 10 penalty that irs early withdrawal penalty does not