457(b) plan
Welcome to your 457(b) retirement plan. Click below to view the features and highlights of your employer’s retirement plans.
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.
View print version of the plan highlights.
Take advantage today
All Anne Arundel County Public School employees, including temporary employees and substitute teachers, are eligible to begin contributing upon date of hire.
Starting early has its advantages
Contributions
SECURE Act 2.0 of 2022 changed the timing of deferral elections for governmental 457(b) plans. You may now elect to defer a portion of your compensation any time prior to the date compensation becomes available. The maximum amount you are allowed to contribute to your 457(b) plan is based on your taxable compensation as defined by the Internal Revenue Code.
Generally, you can contribute up to 100% of your salary on a pretax basis, up to the maximum IRS contribution limit. Special catch-up provisions may also be available. Talk to your financial professional for more information.
Catch-up contributions
You might be eligible to contribute additional catch-up amounts if you meet the following conditions:
Can I stop or change my contributions?
You may stop, increase or decrease your contributions by giving notice to your employer. Your employer will change your contribution election as soon as administratively feasible after receiving your request. 401k and 403b plans allow participants to start and stop as they wish; that is now the same for 457b governmental plans.
Vesting
You are always 100% vested in your own contributions.
Accessing your money before retirement
Your plans were established to encourage long-term savings.
A 457(b) plan has more stringent withdrawal restrictions while you are employed, but less stringent rules after severance from employment, and is not subject to a 10% federal early withdrawal tax penalty except on amounts rolled over from other non-457(b) eligible retirement plans.
The following are distribution events for your 457(b) plan:
- Taking the Required Minimum Distributions when required by law
- Retirement or severance from employment
- Your death
- Unforeseeable emergencies
Bear in mind that income taxes are payable upon withdrawal.
In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:
- Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
- Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
- Age 70 ½ if you were born before July 1, 1949.
Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.
Loans
Loans are not available in the 457(b) plan.
An array of investment choices
You decide how to invest all contributions among the mutual funds offered under the Anne Arundel County Public Schools Supplemental Retirement Programs.
The mutual funds available in your 457(b) retirement plan will 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.
View the entire list of funds -- and their historical performance -- available to Anne Arundel Public Schools 457(b) plan participants.
Remember, these plans represent a long-term investment. Investment values will fluctuate, and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost.
Administrative fee
The gross annual administrative fee assessed on mutual fund assets in the plan is $58. This may be offset, in whole or in part, by reimbursement received from mutual fund companies. Additionally, mutual fund annual operating expenses apply based on the funds chosen. Mutual fund expenses and fund reimbursements are described in the prospectus.
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.
RO 2933713 (6/2023)
A 1643503 (4/2025)