Income taxes are payable upon withdrawals and federal restrictions apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
457(b) plan
Welcome to your Nassau Health Care Corporation 457(b) Defined Contribution Plan.
Click below to view the features and highlights of your employer’s retirement plan.
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
Participation in the plan is open to:
- All employees
- Any elected or appointed officer and any employee who is included in a unit of employees covered by a negotiated collective bargaining agreement
The plan does not allow participation by employees who are:
- Independent contractors, consultants or any other individual classified by the Employer as not eligible to participate in the plan
There is no age or service requirement for eligible employees to participate in the plan.
You may join the plan immediately upon the date of employment.
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.
Rollovers or transfers
If you have an existing qualified retirement plan (pre-tax), 403(b) tax deferred arrangement or 457(b) deferred compensation plan account with a prior employer, you may transfer or roll over that account into the plan upon becoming a participant in the plan.
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.
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 before retirement
When can money be withdrawn from my plan account?
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 dependant), 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.
- Withdrawals from rollover accounts can be made during the plan year.
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
You decide how to invest your plan account. The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences
View the entire list of funds -- and their performance -- available to Nassau Health Care Corporation Deferred Compensation Plan participants.
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)