Loans
Loans are not permitted in this plan.
457(b) plan
Welcome to your 457(b) retirement plan. View the features and highlights of your employer’s retirement plan below.
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 employees are eligible to participate in the plan. There is no age or service requirement for eligible employees to participate.
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 may qualify for a higher level of elective contributions than those described above if certain requirements are met:
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.
Vesting
Vesting refers to the length of service required for you to own the money deposited into your account. You are always 100% immediately vested in your contributions.
Accessing your money before retirement
Withdrawals
Money may be withdrawn from the plan in these events:
- Separation from employment
Income taxes are payable upon withdrawal and federal restrictions apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
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.
An array of investment choices
Performance
The following mutual funds are available in your Henrico County Schools 457(b) retirement plan. They provide the flexibility you need to create a suitably diversified portfolio that matches your retirement time horizon, investment risk tolerance and preferences.
Transfer restrictions to the Fixed-Interest Option
Generally, you may transfer assets from the Fixed-Interest Option into equity options at any time and, after 90 days, from equity options into another fixed-income option such as a money market fund, a stable-value fund or certain short-term bond funds, if such competing options are allowed in the plan.
Administrative charges
No administrative charge will be applied to this plan. Fund Annual Operating Expenses apply depending on the mutual fund chosen and 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 (06/2023)