457(b) Plans Explained: Rules, Limits & Form 5500 Filing
A 457(b) is a tax-advantaged deferred-compensation plan offered by state and local governments and some tax-exempt employers. It looks a lot like a 401(k) or 403(b), but the rules — who can join, how withdrawals are taxed, and whether it files a Form 5500 — differ in ways that matter.
Last updated June 9, 2026
What is a 457(b) plan?
A 457(b) plan is a non-qualified deferred-compensation plan under Internal Revenue Code §457(b). Employees defer part of their salary pre-tax (or Roth, where offered), and the money grows tax-deferred until it's withdrawn. There are two very different kinds, and almost everything else depends on which one you have:
- Governmental 457(b) — offered to employees of states, counties, cities, and other local-government entities. Assets are held in trust for the participants, can be rolled over to an IRA or other plan, and are protected from the employer's creditors.
- Tax-exempt (non-governmental) 457(b) — offered by 501(c) organizations to a select group of management or highly compensated employees (a "top-hat" group). The deferred money remains the employer's asset, subject to the employer's creditors, and generally can't be rolled over to an IRA.
457(b) contribution limits
The 457(b) elective-deferral limit is $23,500 for 2025 (the IRS adjusts it for inflation each year). A 457(b) has its own limit separate from a 401(k) or 403(b), so an employee with access to both can often contribute the maximum to each in the same year. Two catch-up rules can raise the ceiling:
- Age-50 catch-up — an extra $7,500 (2025), available in governmental 457(b) plans only.
- Special "final three-year" catch-up — in the three years before the plan's normal retirement age, a participant may contribute up to twice the annual limit to make up unused prior-year deferrals. You can't use both catch-ups in the same year.
457(b) vs. 401(k) and 403(b)
The headline difference is withdrawals. A governmental 457(b) has no 10% early-withdrawal penalty once you separate from service, even before age 59½ — unlike a 401(k) or 403(b). Contribution limits are tracked separately, so a public-sector worker with a 457(b) and a 403(b) can fund both. For how the more common workplace plans report to the government, see what a Form 5500 is and who must file.
Does a 457(b) plan file a Form 5500?
Mostly no — which is why you usually won't find a 457(b) in a public Form 5500 search:
- Governmental 457(b) plans are governmental plans, exempt from ERISA Title I, so they don't file Form 5500 at all.
- Tax-exempt top-hat 457(b) plans satisfy ERISA's reporting requirement with a one-time "top-hat" statement filed with the DOL when the plan is established — not an annual Form 5500.
- The same employers' 403(b) and 401(k) plans, however, are ERISA-covered and do file annually — so those show up in the public data.
A 457(b) won't appear, but a nonprofit or government employer's 403(b)/401(k) filings will — with assets, participants, and the recordkeeper.
Search Form 5500 filings403(b) plans in the public data
457(b) top-hat plans aren't in the public Form 5500 dataset — but the same government and nonprofit employers' 403(b) plans are. Open any plan to see its assets, participants, and recordkeeper.
| Plan / sponsor | Assets | Participants |
|---|---|---|
| MAYO CLINIC MAYO 403(B) PLAN · MN | $12.8B | 87,000 |
| UPMC UPMC 403(B) RETIREMENT SAVINGS PLAN · PA | $4.7B | 79,337 |
| THE CLEVELAND CLINIC FOUNDATION CLEVELAND CLINIC SAVINGS AND INVESTMENT PLAN · OH | $9.2B | 68,206 |
| SUTTER HEALTH SUTTER HEALTH 403(B) SAVINGS PLAN · CA | $7.6B | 59,303 |
| THE NEW YORK-PRESBYTERIAN HOSPITAL THE RETIREMENT SAVINGS PLAN · NY | $4.8B | 50,152 |
| DUKE UNIVERSITY THE DUKE UNIVERSITY FACULTY AND STAFF RETIREMENT PLAN · NC | $11.0B | 49,781 |
| YOUNG MEN'S CHRISTIAN ASSOCIATION RETIREMENT FUND YOUNG MEN'S CHRISTIAN ASSOCIATION RETIREMENT FUND RETIREMENT PLAN · NY | $3.9B | 49,535 |
| NORTHWELL HEALTH, INC. NORTHWELL HEALTH 403(B) PLAN · NY | $10.9B | 49,356 |
| INTERMOUNTAIN HEALTH CARE, INC. INTERMOUNTAIN HEALTH 403(B) PLAN · UT | $341.7M | 46,311 |
| THE MOUNT SINAI MEDICAL CENTER THE MOUNT SINAI MEDICAL CENTER 403(B) RETIREMENT PLAN · NY | $9.5B | 46,304 |
Frequently asked questions
A 457(b) is a deferred-compensation plan under IRC §457(b) offered by state and local governments and some tax-exempt employers. Employees defer salary pre-tax (or Roth), and it grows tax-deferred until withdrawal.
No. They're similar tax-deferred workplace plans, but a 457(b) has its own separate contribution limit and — for governmental 457(b)s — no 10% early-withdrawal penalty after you leave the employer.
Generally yes. The 457(b) limit is separate from the 401(k)/403(b) limit, so an employee with access to both can often contribute the maximum to each in the same year.
$23,500 in 2025, plus a $7,500 age-50 catch-up in governmental plans, or a special final-three-years catch-up of up to twice the annual limit. The IRS adjusts the limit for inflation each year.
Usually not. Governmental 457(b) plans are exempt from ERISA and don't file. Tax-exempt top-hat 457(b) plans file a one-time top-hat statement with the DOL instead of an annual Form 5500, so they don't appear in the public 5500 dataset.
Generally at separation from service, at age 59½, or for an unforeseeable emergency. A governmental 457(b) has no 10% early-withdrawal penalty after separation, even before 59½.