Compare Plans

	401(k)*	403(b)	457(b)
Eligible	Employees of private employers, some non-profit employers, and churches	Public schools, colleges, universities, church affiliated entities and 501(c)(3) organizations.	State and local governments or 501(c) organizations.
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 ($20,500 for 2022; $22,500 for 2023) or 100% of compensation		Lesser of IRC dollar limit ($20,500 for 2022; $22,500 for 2023) or 100% of compensation
Limitations on total contributions	Lesser of IRC dollar limit ($61,000 for 2022; $66,000 for 2023) or 100% of compensation		Lesser of IRC dollar limit (20,500 for 2022; $22,500 for 2023) or 100% of compensation. Limit not coordinated with 401(k) and 403(b) limit.
Distributions while employed	Only on hardship; age 59 ½ or older		Only on account of unforeseeable emergency; age 59 ½ or older
Distributions without tax penalty****	Retirement after age 55 Death or disability After age 59 ½ Lifetime annuity or installments Rollover		Not subject to 10% penalty with exception of amounts rolled over from plans that are subject to penalty taxes.
Distributions with tax penalty****	Retirement or separation before age 55 Hardship (unless another IRC exception applies)		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). SECURE 2.0 has updated this age to 73 effective January 1, 2023. Anyone who turned 72 before December 31, 2022, is not affected by this change.
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.