Welcome to the Ohio State University 457(b) retirement plan. Click below to view the withdrawal features of your employer’s retirement plan.
Effective January 1, 2021, AIG Retirement Services will no longer accept new contributions to your 457(b) plan account. The investments, fees and expenses that exist for your 457(b) plan account will remain.
Accessing your money
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:
- Receiving systematic withdrawals
- Taking a lump-sum distribution
- Choosing one of the many annuity options available
Generally, income taxes must be paid on all amounts you withdraw from your plan. Consult your financial professional for more specific information.
No administrative charge will be applied to this plan. Each fund’s annual operating expenses apply based on the funds chosen and are described in the prospectus.
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, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income.
RO 2767020 (03/2023)