457 planglossary / 457 plan A type of deferred-compensation plan for employees of state and local governments and tax-exempt organizations that operates much like a 401(k) plan, but (except for governmental plans) is unfunded. IRC (26 USCA) § 457. 词条贡献者 译员何巍,毕业于欧洲一流的高级翻译学院,专注翻译各种与生命科学有关的法律文件。