457(b) Plans: Governmental vs. Non-Governmental Explained

In this episode, Michael Foley, Certified Financial Planner (CFP) and Certified Student Loan Professional, discusses the commonly misunderstood 457(b) deferred compensation plans.
If you work for a nonprofit or governmental organization, understanding these plans is crucial for effective financial planning. Michael breaks down the differences between governmental and non-governmental 457(b) plans, highlighting key factors like tax advantages, contribution limits, rollover options, creditor protection, and potential risks.
By the end of this video, you'll learn:
How 457(b) plans work and how they differ from other retirement accounts
The unique benefits of governmental 457(b) plans, including additional contribution opportunities and flexibility in withdrawals
Risks associated with non-governmental 457(b) plans, including lack of creditor protection and distribution constraints
Questions to ask your HR department to determine if you have a governmental or non-governmental 457(b) plan
If you have any questions, our team is here to help. Feel free to reach out: [e-mail]