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457(b) plan

Plan details

Welcome to your 457(b) retirement plan. Click below to view the features and highlights of your employer’s retirement plan.

The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.

Take advantage today

Participation in the 457(b) plan is open to all employees. There is no age or service requirement for eligible employees to participate in the plan.

Starting early has its advantages

Contributions

Employee contributions
Generally, you may contribute as much as 100% of your annual includible compensation up to the contribution limit. You may increase or decrease the amount you contribute to the plan as often as your employer allows. 

Contribution limit
Catch-up contributions

Stop/change contributions
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer’s plan provisions. In the meantime, your account will continue to grow on a tax-deferred basis. Under a 457(b) plan, an election start, change or stop contributions will become effective no sooner than the first pay period of the month following the date the election is made. Please allow one month’s notice for processing. 

 

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in employee contributions and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Withdrawals

Your plan was established to encourage long-term savings, so withdrawals prior to age 70½ might be subject to federal restrictions. Unlike many other plan types, there is no 10% federal tax penalty for early withdrawals in the 457(b) plan except on amounts rolled over from other non-457(b) eligible retirement plans and withdrawn prior to age 59½. 

Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:

  • Retirement or separation from service

  • Unforeseeable emergencies

  • Your death

  • Attaining age 70½ (if your plan allows in-service distributions)

In addition, you must begin taking distributions once you reach age 70½ or you retire, whichever is later. 
 

Loans

Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income.

 

 

An array of investment choices

You decide how to invest all contributions made by you or on your behalf in your retirement plan. 

The following funds are available in your plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
 

To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.