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457(b) plan

Welcome to the Opelousas General Health System 457(b) plan features. 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

Ask your benefits office or your financial professional to determine if you are eligible.

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.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions

You may be able to contribute additional catch-up amounts if you meet the following conditions.

2024 catch-up contributions

> $23,000 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.

Roth contributions

You may direct all or part of your contributions to a Roth account (contributions are after-tax).

Whether pretax, after-tax, or both, your contributions are subject to the annual contribution limits detailed above.

Rollovers

This plan will accept rollovers from other plans.

If distributions from the prior plan are subject to the 10% federal early withdrawal penalty, they will continue to be subject to the penalty after the rollover (until such penalty does not apply).

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 your own contributions.

Accessing your money before retirement

Withdrawals

This plan was established to encourage long-term saving. However, unlike many other plan types, there is no 10% federal early withdrawal penalty in the 457(b) plan.

Generally, you can withdraw the value of your vested account balance in the following circumstances:

  • Retirement or severance from employment
  • Your death
  • Unforeseeable emergencies
  • Qualified birth or adoption withdrawal within one year from the date of birth or adoption (not subject to the 10% early withdrawal penalty)

Qualified distributions from a Roth account are tax-free.

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.

In-service withdrawals

Your plan allows in-service distributions if these conditions are met:

  • The total amount payable does not exceed $5,000;
  • You have not contributed to the plan during the last two years prior to the distribution date; 
  • You have not received a prior distribution under the plan for this reason; and
  • Reaching age 59½ (if your plan allows in-service distributions)

Distribution options

Corebridge Retirement Services offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your employer’s plan provisions, your withdrawal options include:

  • Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts rollovers
  • Receiving systematic withdrawals
  • Taking a lump-sum distribution
  • Choosing one of the many annuity options available
  • Deferring distributions until a later date, allowing your account to continue to grow tax-deferred (Required Minimum Distributions apply)

Generally, income taxes must be paid on all amounts you withdraw from your plan.

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after attainment of age 59½, death or disability.

Consult your financial professional for more specific information.

Loans

Tax-free loans make it possible for you to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income.

An array of investment choices

Create a customized investment mix from the variety of mutual funds made available by your employer. If you make no choice, your employer will invest your account in a default option.
 

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)