I completely agree, if you have access to a governmental 457b, it may as well be treated equal as a 401k equivalent with an additional contribution limit, especially because of the excellent roll over and distribution options. I do think in general, though, non-governmental 457b accounts should be handled with much more caution.

Fair critique. However, there is a distinction between governmental and non-governmental 457b plans: https://downshiftfinancial.com/457b-plans-governmental-vs-non-governmental/. The differences between these have large implications for credit risk. I have access to a governmental 457b, so credit risk is off my radar. But for someone with access only to a non-governmental 457b, I think your concerns have merit.

Thanks for this follow-up!

In addition, 457b have non standard distribution options governed by each plan specifically. Most cannot be rolled over into another retirement account. Many have poor distribution options, so if your plan states you have to withdraw all the 457b money within a year of separation from your employer, you are going to have significant tax drag. If your plan allows for withdrawals over the next 5-10 years after separation from employer, this is a much better option, but not nearly as good as typical 401k where money can remain in the account until usage in retirement.

Now, the contribution limit for 457b is separate from 401k/403b limits, so it does allow a greater amount of total money into retirement accounts. However, because of the additional risk and often poor distribution options, I would argue a 457b should be the last account funded, and serious consideration should be given to if the particular 457b is worth funding at all.