457 Deferred Compensation

The 457 Deferred Compensation Plan is a specialized retirement savings plan available to government and certain non-profit employees. With a 457 plan, you can contribute a portion of your salary on a pre-tax basis, allowing for potential tax savings. The contributions grow tax-deferred, meaning they are not subject to taxes until withdrawn. The amounts accumulated on your behalf may be distributed at retirement or due to another qualifying event, such as separation from service or death.

Framingham Public Schools allows its employees to contribute to a 457 plan of their choosing.