The table below shows how the main features of available saving programs compare, effective January 1, 2013.
Feature |
457 |
IRA |
401(k) |
403(b) |
Annual Savings |
|
|
|
|
Maximum Contributions |
$17,500 |
$5,500 |
$17,500 |
$17,500 |
Age 50+ Catch-Up Allowed |
Yes |
Yes |
Yes |
Yes |
Retirement Catch-Up Allowed |
Yes |
No |
No |
Yes |
Eligible For Tax Credit |
Yes |
Yes |
Yes |
Yes |
Access to Savings Upon Severance from
Employment |
|
|
|
|
Rollover to Other Plans |
Yes |
Yes |
Yes |
Yes |
Withdrawal Flexibility |
Yes |
Yes |
Yes |
Yes |
Withdrawals Subject To Penalty |
|
|
|
|
10% Early Distribution Penalty For Withdrawals Prior To Age 59 1/2 |
No |
Yes* |
Yes* |
Yes* |
*Some exceptions may apply, but generally there is a 10% penalty for withdrawals prior to 59 1/2.