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Participation in the plan is open to: 

  • Any non-temporary executive, judicial or legislative branch employee who is regularly scheduled for 20 or more hours of work per week or has a fixed annual salary.

The plan does not allow legislators to participate in the employer contributions portion of the plan. 

There is no age or service requirement for eligible employees to participate in the plan.

Starting early has its advantages


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.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Rollovers or transfers

If you have an existing qualified retirement plan (pre-tax) or deferred compensation plan account with a prior employer or hold a traditional IRA account, you may transfer or roll over that account into the 401(a) or 457(b) plan, some restrictions may apply. Please contact your local financial professional for additional details. Funds rolled over to the 457(b) plan become subject to the 457(b) plan's withdrawal restrictions. Please check with your former provider first, to see if surrender charges are applicable.

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.

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.

Employer contributions

The plan also provides for State of Iowa to make matching contributions.


Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, employer contributions and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Access to your contributions to the 457(b) plan

Money may be withdrawn from the plan in these events:

  • Death
  • Severance from employment
  • Retirement
  • Unforeseeable emergency which 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.
  • A one-time withdrawal is allowed if your account balance is $5,000 or less and there have been no deferrals for the past two years and no prior withdrawals of this type have been taken.

In the event that a lifetime income investment option will no longer be permitted in the plan, the lifetime income investment option may be directly rolled over to an IRA or other eligible retirement plan in the 90-day window prior to the date of such elimination from the plan. This would be permitted even though the participant is not otherwise entitled to a distribution.

Access to employer contributions

Employer contributions may be taken upon separation from service.

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.

RO 2933713 (06/2023)