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
All Erie County employees are immediately eligible to participate in the plan, including any elected or appointed officer and any employees covered by a collective bargaining agreement. The Plan does not allow participation by independent contractors.
Generally, you can begin participating in your DCP plan on your first date of employment. Refer to the Enrollment section of this site for how to enroll.
Starting early has its advantages
Generally, you can contribute as much as 100% of your annual adjusted income, up to the maximum IRS contribution limit. You contribute automatically by payroll reduction.
Contributions to the retirement plan may be made on either a pretax or after-tax (Roth) basis. Roth may be a good option if you're expected to be in a higher tax bracket during retirement.
You may be eligible to contribute additional catch-up contributions if you meet the following conditions:
Accessing your money
Access to your contributions
In general, the money in your account may be distributed under any of the following circumstances:
- Separation from service
- Your retirement
- Your death
- Purchase of service credits
- Unforeseeable emergencies
Income taxes 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.
Unforeseeable emergency withdrawals
Your plan provides for hardship withdrawals due to an unforeseeable emergency. This is defined as a severe financial hardship resulting from a sudden and unexpected illness or accident (involving the participant or a dependent), a loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances due to events beyond your control. For more information regarding specific hardship withdrawal provisions, call Corebridge Retirement Services at 1.800.448.2542.
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.
An array of investment choices
Below is the core fund offering for your retirement 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.
View the entire list of funds -- and their performance -- available to Erie County 457(b) plan participants.
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 bef
RO 2767020 (03/2023)