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Take advantage today

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

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.

If you have an existing deferred compensation plan account with a prior employer, you can transfer or roll over that account into the plan on 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.

How do I become "vested" in my plan account? 

Vesting refers to your "ownership" of a benefit from the Plan. 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When can money be withdrawn from my plan account? 

Money may be withdrawn from the plan in these events:

  • Severance from employment 
  • Unforeseeable emergency as determined by Public District Hospital #1A of Whitman County under the Internal Revenue Code. 
  • 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 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.

Can I borrow money from my account? 

The plan is intended to help you put aside money for your retirement. However, Public District Hospital #1A of Whitman County has included a plan feature that enables you to access money from the plan.

  • The amount the Plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000. 
  • The minimum loan amount is $1,000. 
  • All loans must generally be repaid within five years. 
  • You can have 2 loans outstanding at a time. 
  • A $50.00 processing fee for all new loans and a $50.00 per year loan maintenance fee are charged to your account. 

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. 

RO 2933713 (06/2023)