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Firefighters Face Unique Challenges with Deferred Comp Kiplinger 2/1/2021 © Provided by Kiplinger If you’re a firefighter who’s saving for retirement via your deferred compensation (457) plan, you’ve probably told your non-firefighter friends who have 401(k)s that your deferred comp is pretty similar. And it is. The money you put into your deferred comp each paycheck goes into your deferred comp account without you having to pay income taxes on it. That’s just like a 401(k). Your deferred comp balance grows tax-deferred, until you withdraw money from it. But what you and your 401(k) friends probably aren’t thinking about while you’re working is that when it’s time to take the money out of your deferred comp plan, you’ll owe ordinary (earned) federal income taxes on your money.

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