Question: what is the difference between 401(k) and 457(b)?
Answer: Contributing to both a 401(k) and a 457 retirement plan allows you to double your tax-deferred savings and reduce your taxable income, and the IRS says that's perfectly OK. ... A 401(k) retirement plan can be offered by any employer, while a 457(b) plan is offered by state and local governments to their employees.