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City of Philadelphia Deferred Compensation Plan Distribution Form

City of Philadelphia Deferred Compensation Plan Distribution Form

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Instructions and help about City Of Philadelphia Deferred Compensation Plan Distribution

- What is a 457 or a deferred comp? We're getting into it in this video. (upbeat music) A 457 is very similar to a 401(k), but it's for state or government employees. And we talked about 403bs. You can actually look at the video up here if you're interested in that. And the unique thing about school boards is they're state employees, but they can also have 403bs and 457. So sometimes you'll see both. But if you're not in the school board, you probably just have a 457 available to you. What a 457 is, is it's basically a government 401(k), but there's a few different distinctions. First of all, if you're still working with a 403(b) or a 401(k), you can actually get access to your money at age 59 and a half without a tax folio. If you're still working at 457, you have to wait until age 70 to get access to your money. But for those of you retiring early this is really important because we have a lot of firefighters and police officers and other government employees that can retire early y

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