Are 457 plans governed by ERISA?

457 plans, specifically governmental 457(b) plans, are generally not governed by the Employee Retirement Income Security Act (ERISA). Instead, these plans are regulated by the Internal Revenue Code and are designed for state and local government employees. However, non-governmental 457 plans may be subject to ERISA if they meet certain criteria. In summary, while governmental 457 plans are exempt from ERISA, non-governmental plans may fall under its purview depending on their structure.