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Is it a 457 annuity or mutual fund?

You might try asking the folks at www.403bwise.com this question. Maybe there is a 457wise out there too *shrug*.

I know that the companies have to keep that money in a seperate account to protect it from such risk but I am not sure as to the level of monetary protection that is provided.

If you are retired, this account should be liquid - it should be elegible to be moved to another institution unless it is locked into an annuity or it has already been annuitized into pension payments.

If it is liquid, I would simply look at moving it to ease your concerns.
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