The 457 retirement plans is very much similar to 401k plan and also has some features of 403b retirement plan. The rules of this plan are set by the tax codes and non-cathedral and non-qualified government employees are eligible for this plan. Through this plan you can pay taxes in advance, depending upon the payroll. 

The 457 plan has two different plans, eligible and ineligible. In eligible plan, your limit is set and you don’t need to pay tax on it. The ineligible plan is designed for managerial and executive persons, who can pay for large rearrangements. This retirement plan is only for those who are eligible and is also known as 457 sections. Those who are not eligible for federal taxes on income, the person who are in subdivisions, states, etc are not eligible for 457 retirement plan. The institutes that are working with in the government and exempt from income tax like academic, churches, welfare organizations, hospital, farmers, etc are also ineligible for this. 

The individual 401k plans have many benefits but not have much like social security plan, you can defer the amount, and employees can also do it and many others. If you want to know more about this plan, consult with internet or your tax lawyer. You can also get information from the 457 retirements plan provider; this is the place where you can get authentic information about it.