What Is A 457 Retirement Plan? 
457 deferred compensation plans that allow pretax contributions . The earnings accumulate tax deferred and allow you a catch up contribution of $ 5,500 you are age 50 or older . 457 -LRB- b -RRB- deferred compensation plans that are available in government and non-government organizations under 501 -LRB- c -RRB- . 2013 contribution limits are $ 17,500 . 