Compare Plans

  401(k)*403(b)457(b)
Eligible Employees of private employers, some non-profit employers, and churches Employees of non-profits, churches, and public schools Employees of non-profits, state and local government, churches, and public schools
Pre-tax contributions Yes
Roth 
after-tax contributions
Yes (only 457(b) governmental plans)
Age 50+ catch-up contributions Yes
Additional catch up No Yes - 15-year rule** Yes - last 3 years rule***
Limitations on deferrals Lesser of Internal Revenue Code (IRC) dollar limit ($19,000 for 2019, $19,500 for 2020) or 100% of compensation Lesser of IRC dollar limit ($19,000 for 2019, $19,500 for 2020) or 100% of compensation
Limitations on total contributions Lesser of IRC dollar limit ($56,000 for 2019 $57,000 for 2020) or 100% of compensation Lesser of IRC dollar limit ($19,000 for 2019, $19,500 for 2020) or 100% of compensation.
Limit not coordinated with 401(k) and 403(b) limit.
Distributions while employed Only on hardship; over 59 ½ Only on account of unforeseeable emergency; age 70 ½ or older
Distributions without tax penalty****
  • Retirement after age 55
  • Death or disability
  • After age 59 ½ 
  • Lifetime annuity or installments
  • Rollover
Distributions of amounts contributed 
Distributions with tax penalty****
  • Retirement or separation before age 55
  • Hardship
Amounts rolled over from other retirement plans may be subject to the penalty, if distributed prior to age 59 ½ (unless another IRC exception applies)
Required minimum distributions  April 1st, following the later of the year in which you become age 72, or the year in which you retire (if plan permits).
Rollovers Yes, if allowed by the Plan, but not required

 Transfers Yes, if allowed by the Plan, but not required

*We do not provide administrative services for these plans. 

**Eligible employees with 15 or more years of full-time service may be able to contribute up to $3,000 more for 5 years, or a maximum of $15,000.

***May be eligible to defer up to 2 times the annual contribution limit in effect over the final 3 years of service. Employees cannot participate in the 3-year-catch-up and the 457(b) Plan age 50+ catch-up during the same tax year.

****The IRC imposes a 10% additional tax penalty on certain early distributions from certain retirement plans.

 ESB-5234-1119