Retirement
403(b) and 457(b) Plans Explained: Retirement Savings Outside the 401(k)
If you work for a school, hospital, nonprofit or government agency, your workplace retirement plan is more likely a 403(b) or 457(b) than a 401(k). They share the basics but differ on who offers them, early-withdrawal rules, investment menus and how contribution limits stack. Here is how they work.