DCP is a term that is sometimes used for a 457 deferred compensation plan. A 457 plan is very similar to a 403(b) plan however you can have a qualified distribution without tax penalties if you terminate from employment at any age, death or disability or have an unforeseen emergency. With a 403(b) plan, a qualified distribution without tax penalties would include retirement after age 55, death or disability, or payments after age 59 ½. Watch this short video for more information on the differences between a 457 and 403(b) plan.