What does "compensation plan" mean when you describe a 457b plan? When describing the 403b it said point blank "retirement plan". Is there a difference in what a 457b and a 403b are, in that one is mainly for more money at retirement and the other one not so much?
Also, we have employees still working at age 70 1/2. What happens with their investments? Do they have to withdrawal from either plan? (457b or 403b) Some employees retire at age 75. If the 70 1/2 rule does not apply because they were working, what happens when they retire at 75?