Employers/industries with access to both 401k/403b and 457 plans?

[Lady SA]

I'm super curious, what industries or companies offer their employees the ability to save in both a 401k (or 403b) AND a 457 plan? I know the 457 is for state/local entities, but then I would imagine few local entities would offer a 401k on top of that. I know for sure public school teachers qualify in most cases -- are there any others that I haven't thought of?

I ask because DH and I have run out of tax-shelter accounts to squirrel away money, and I am also curious about a possible industry change as we get closer to FIRE. It would be great to get into an industry where you can shelter an additional $18.5k, but I'm having a hard time figuring out how feasible that would be (or even if we would want to do it) when I can't figure out what the options even are lol

[SpareChange]

I work in a hospital that offers both a 403b and a 457. Does anyone know what the IRS rules are for being able to offer both?

[DS]

This may help narrow your list. Basically state/local & non-profit are eligible. From there it would be up to each individual employer to decide which plans they offer.

Who may offer a 457, according to IRC 457 (e)(1)(A)

(e) Other definitions and special rulesFor purposes of this section—
(1) Eligible employerThe term “eligible employer” means—
(A) a State, political subdivision of a State, and any agency or instrumentality of a State or political subdivision of a State, and
(B) any other organization (other than a governmental unit) exempt from tax under this subtitle.

https://www.law.cornell.edu/uscode/text/26/457

Rev Proc with add'l info:

https://www.irs.gov/pub/irs-drop/rp-04-56.pdf

[terran]

Only state government employers are going to have a governmental 457(b). Non-governmental 457(b) plans are subject to the creditors of the institution, limited to highly compensated employees, and often have limited withdrawal options (like say requiring 5 equal withdrawals over 5 years). They're also limited to non-profits, so no company will offer them.

Your best bet for all of those plans plus good investment options (less likely in public schools) is a state university or hospital affiliated with a state university.

My wife works for such an employer and has a 403(b) with mandatory contributions that don't count towards the salary deferral limit, a generous employer match, and after-tax contributions with in service conversion to Roth 403(b) (aka mega backdoor roth), and a 457(b). Altogether that's $73,500 of tax advantaged space. Throw in an HSA, a couple of IRAs and my solo 401(k) and we have access to well over $100k in tax advantaged space.

[hadabeardonce]

I know for sure public school teachers qualify in most cases -- are there any others that I haven't thought of?

I'm not in a teaching/faculty position, but working for school district still gets me access to both a 403b and 457... plus a pension and unlike faculty we also get social security.

[10dollarsatatime]

I'm in local government with access to both a 401k and a 457.  I'm currently maxing out the 457 and putting a few thousand into the 401k.  I'm hoping to be able to max both in a couple of years.

[fuzzy math]

Only state government employers are going to have a governmental 457(b). Non-governmental 457(b) plans are subject to the creditors of the institution, limited to highly compensated employees, and often have limited withdrawal options (like say requiring 5 equal withdrawals over 5 years). They're also limited to non-profits, so no company will offer them.

Your best bet for all of those plans plus good investment options (less likely in public schools) is a state university or hospital affiliated with a state university.

My wife works for such an employer and has a 403(b) with mandatory contributions that don't count towards the salary deferral limit, a generous employer match, and after-tax contributions with in service conversion to Roth 403(b) (aka mega backdoor roth), and a 457(b). Altogether that's $73,500 of tax advantaged space. Throw in an HSA, a couple of IRAs and my solo 401(k) and we have access to well over $100k in tax advantaged space.

+1 to all this.

I worked for a non profit with a 457 and was forced to cash it out or roll it into another 457 within 2 months of leaving.

[hadabeardonce]

Your best bet for all of those plans plus good investment options (less likely in public schools) is a state university or hospital affiliated with a state university.

Each employer chooses their own plan vendors. We've got a bunch of different options which include Fidelity and Vanguard:

http://business.fhda.edu/payroll/d-tax-shelter-annuities-403b-and-deferred-compensation-plans-457b/preferred-vendors-list.html

I've been told that if I get 25 people together asking for a specific vendor, they'll add it to the list. Contact your payroll department to see if change is possible.

If you're in California, 403b compare can make it easier to scope out potential nearby employers vs searching individual sites:
https://www.403bcompare.com/employers/815
https://www.403bcompare.com/employers/1237
https://www.403bcompare.com/employers/43

[maizefolk]

Yeah, I think state universities are going to be a reasonably good bet. Depending on what you do, there tend to be lots of jobs in finance/accounting/project management/IT. The other nice thing is that the details of the retirement plan offerings for public universities tend to be public as well. Just google "$University Name retirement plan" and you can quickly check for yourself on whatever pages are set up to educate current university employees on those same plans, and also find out any relevant information on employer matches. 

[TomTX]

Any direct State job in Texas has both 457 and 401k. Education tends to just have 403b. Both have a pension.