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Greetings, Wdclsc, and welcome. You asked:

<<Could someone explain the differences between the Section 401k and Section 457 plans (i.e., advantages/disadvantages of each)?>>

You may get an overview of the similarities and differences in my Foolish Retirement Plan Primer at The 457 plan does not allow the same maximum level of contributions as does a 401k, does not possess the same protection of plan assets from creditors as does a 401k, and at retirement the proceeds cannot be transferred to an IRA to continue tax deferral. Otherwise, they are very similar plans.

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