“457 Plan” is a tax-advantaged, Non-Qualified Deferred Compensation retirement plan that is available for governmental and certain other Employers in the United States. Participating Employees defer compensation by making contributions into a 457 Plan on a pre-tax or after-tax basis. Unlike 401(k) Plans and 403(b) Plans, early withdrawals from a 457 Plan do not result in any additional tax penalty (although applicable income taxes always must be paid on any amounts withdrawn).