Deferred Compensation The deduction was set up as a savings plan. The deduction code is 457DEF as a before tax deduction. Partial deductions are allowed in order to exactly reach the maximum. ING is responsible for entering all enrollment information. Deduction amount is determined by the employee (Within Internal Revenue Service Code Section 457 limitations). Deduction is specified in terms of a fixed-dollar amount. Visit the ING website » for more information.