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457(b) plan

Welcome to your 457(b) retirement plan. View below 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.

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Eligibility

All employees are immediately eligible to contribute to the 457(b) retirement 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.

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.

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

You are always 100% vested in your employee contributions to the Deferred Compensation Plan.

Accessing your money before retirement

Withdrawals

You may withdraw your funds upon the following events:

  • Separation from service for retirement
  • Death

Taxes are payable upon withdrawal and a 10% penalty may apply only to funds rolled over from non-457(b) retirement plans.

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.

Loans

You may take advantage of a tax-free loan from your AIG Retirement Services account. This provision gives you access to cash without permanently reducing the value of your accounts. Your financial professional can provide information regarding maximum loan amounts and loan repayment terms. Keep in mind, however, defaulted loan amounts will be taxed as ordinary income and tax penalties may apply.

An array of investment choices

The following investment options 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 performance. (Please note: It may take a few minutes to load the performance.) 

To obtain either a contract or underlying fund prospectuses, visit corebridgefinancial.com/retirementservices or call 1.800.428.2542 (press 1, then 3). The prospectus contains the investment objectives, risks, charges and expenses, and other information about the investment company, which you should consider carefully before investing. Please read the prospectus carefully before investing or sending money.

RO 2933713 (06/2023)