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This link will give you some additional info....


"457 Plan. A 457 plan is a nonqualified retirement plan established for the benefit of state and local government employees or the employees of tax-exempt organizations. Participants may defer up to $8,000 in wages per year in a 457 plan. Until withdrawn, these contributions and all earnings remain untaxed. The 457 plan assets of tax-exempt employers are subject to the claims of the employer's creditors, but those of plans sponsored by governmental entities are not. Plan distributions may occur at retirement; on separation from employment; as the result of an unforeseeable emergency; and at death. Distributions may be taken as a lump sum, in annual installments, or as an annuity. Regardless of how the money is distributed, on withdrawal it is subject to immediate taxation at ordinary income tax rates. Plan proceeds are ineligible for transfer to an IRA."

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