457(b) plan

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Eligibility

Eligibility to participate in the 457(b) Deferred Compensation Plan is open to all full-time and part-time hourly employees. You can join on the first day of the month coinciding with or the next following the date on which you meet eligibility. Leased employees are not eligible to participate in this plan.

Starting early has its advantages

Employee contributions

Generally, you may contribute as much as 100% of your annual includible compensation up to the annual contribution limits set by the Internal Revenue Service. Visit corebridgefinancial.com/rs/contributionlimits to see the maximum amount you can contribute to your retirement plan(s). You may increase or decrease your contributions as often as your employer allows.

Pretax or Roth 457(b) contributions

You have a choice regarding your elective contributions. You can direct all your contributions to a traditional pretax account, to a Roth account or to a combination of the two. Contributions to a Roth account are after-tax. Regardless of your election, you are subject to the annual contribution limits set by the IRS. Visit corebridgefinancial.com/rs/contributionlimits to see the maximum amount you can contribute to your retirement plan(s).

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 plan provisions and any administrative requirements. 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.

Fee disclosure information

Obtain specific fee disclosure and fund performance information by clicking on “Fee Disclosure” at the bottom of this screen.

Account consolidation 

You might be able to transfer your vested retirement account balance from a prior employer’s plan to your Minneapolis Public School District 457(b) Deferred Compensation Plan with Corebridge. This may be a way to simplify your financial profile and ensure your overall investments are suitably diversified and consistent with your investment preferences. However, before moving funds, check with your other provider to determine if your account has any restrictions, imposes a withdrawal penalty, or provides favorable terms.

Vesting

You are always 100% vested in all contributions to your account.

Accessing your money before retirement

Plan distributions

Subject to plan terms, the plan may allow you to elect to receive payment of your account balance on a fixed or determinable future date as long as you make the election prior to your account balance first being made available to you.

In general, distributions may not be made from a 457(b) plan at severance from employment or the occurrence of an unforeseeable emergency.

Your plan account balance is includible in your gross income in the year that the account is first made available to you, even if the plan has not distributed your account balance. If you do not make an initial election, the plan may provide for a default payment schedule. If you have made an initial election, the plan may allow you to make one additional election to delay distribution.

Distribution options

Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on plan provisions, your withdrawal options include:

• Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers.
• Taking a lump-sum distribution.
• Choosing one of the many annuity options available.
• Electing systematic or partial withdrawals.

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty may apply to distributions taken prior to reaching age 59½.

Consult your financial professional for more specific information.

An array of investment choices

Available funds & performance

You decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under the Minneapolis Public School District 457(b) Deferred Compensation Plan. 

• View the entire list of funds and their performance available to 457(b) plan participants.

Remember, this plan represents a long-term investment. Investment values of the mutual funds you choose will fluctuate, and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than the original cost. Bear in mind that investing involves risk, including possible loss of principal.

Fixed-Interest Option transfer restrictions

Generally, participants 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 fee

The gross annual administrative fee assessed on mutual fund assets in the plan is .15%. This may be offset, in whole or in part, by reimbursement received from mutual fund companies. Additionally, mutual fund annual operating expenses apply based on the funds chosen. Mutual fund expenses and fund reimbursements are described in the prospectus.