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What is the difference between a 401k, a 403b and a 457b?
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A 401k is an employer-sponsored retirement savings plan. It allows employees to contribute a certain percentage of their salary pre-tax, and then the company matches that contribution up to a certain limit. A 403b is similar to a 401k, but it is funded by the employee's contributions plus any matching funds from the employer. A 457b is a type of retirement savings plan available to state and local government workers. It is funded solely by the employee's contributions.