457(b) Plan

Take advantage today

Participation

Participation in the plan is open to all employees.

The plan does not allow participation by:

• all individuals classified by the District solely as independent contractors for federal tax purposes
  
• independent contractors.
  

All eligible employees can make contributions to the plan immediately.

Starting early has its advantages

Rollovers or transfers

If you have an existing qualified retirement plan (pretax), qualified retirement plan (after-tax) or deferred compensation plan account with a prior employer, you can transfer or roll over that account into the plan on becoming a participant in the plan.

Employee contributions

You may stop your contributions by giving notice to your employer prior to the beginning of the month for which the cessation of contributions is to be effective. Once you discontinue contributions, you may only start again as provided under the terms of the plan.

You can increase or decrease the amount of your contributions by giving notice to your employer prior to the beginning of the month for which the change is to be effective.

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 

Withdrawals

Money may be withdrawn from the plan in these events:

• Death
• Disability
• Severance from employment
• Retirement

Income taxes are payable upon withdrawal. Be sure to talk with your tax advisor before withdrawing any money from your plan account. Income taxes are not applicable for qualified Roth distributions.