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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.

Information on 457(b) retirement plans

Starting early has its advantages


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.

2023 contribution limit

Your contribution limit for 2023 is $22,500.

2023 catch-up contributions

> $22,500 if you have undercontributed in prior years and are within the last three taxable years before ending the year before the year you attain normal retirement age as specified under the plan, or

> $7,500 if you are age 50 or older

If you are eligible for both, you cannot combine the two catch-up amounts, but may contribute up to the higher amount. Please consult a tax professional to determine which catch-up contribution option would work best for your financial situation.

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 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


Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ 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early withdrawals in the 457(b) plan except on amounts rolled over from other non-457(b) eligible retirement plans and withdrawn prior to age 59½.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

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.


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.

RO 2767020 (3/2023)