A worker has a regular job with no 401(k).
He also has a few hours each week at a local high school. In Massachusetts, teacher income is not subject to Social Security tax. He sees his paycheck shows a 7.5% deduction for a 457 plan, but isn't offered any option for any increased amount.
Does this 457 deposit count as 'retirement plan' for purposes of being able to have a pre-tax IRA deposit? His AGI is over the limit, but if not covered by a plan at work, can deduct.
Since this 7.5% is instead of Social Security, does it still count as a retirement plan for this purpose?