Skip to main content
Corebridge home

457(b) plan

Welcome to the Southern Education Retirement Consortium (SERC) 457(b) Deferred Compensation 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 and there is no age or service requirement for eligible employees to participate. 

Starting early has its advantages

Pre-tax and Roth contributions

Through payroll deduction, your plan allows you to make pre-tax contributions up to the maximum allowed by the Internal Revenue Code. 

In addition, you may also make after-tax contributions to a Roth Account in the plan by convenient payroll deduction. You have a choice regarding your elective contributions. You can direct all of your contributions to a traditional pre-tax account, to a Roth account, or to a combination of the two. Contributions to a Roth account are after-tax. Regardless of your election, you are subject to the annual contribution limits below.

2026 contribution limit

Your contribution limit for 2026 is $24,500.

Catch-up contributions

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

2026 catch-up contributions

> $24,500 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

> $8,000 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.

Fixed-Interest Option

Generally, you may transfer assets from the Fixed-Interest Option into equity options at any time and, after 90 days, from equity options into another fixed-income option such as a money market fund, a stable-value fund or certain short-term bond funds, if such competing options are allowed 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.

Stop/change contributions

You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan. You can increase or decrease the amount of your contributions anytime. 

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, plus any earnings they generate. 

Accessing your money before retirement

Withdrawals

Money may be withdrawn from the plan in these events:

  • Death
  • Severance from employment
  • Retirement
  • Unforeseeable emergency as determined by Pioneer Regional Education Service Agency, by and through, Cooperative Purchasing Agency, d/b/a Southern Education Retirement Consortium under the Internal Revenue Code.
  • Attainment of age 59½. (If you reach age 70½ and have not separated from service, you can elect to defer receipt no later than April 1 of the year following separation from service.)

Income taxes are payable upon withdrawal. Federal restrictions may apply to withdrawals taken before age 70½. Be sure to talk with your tax advisor before withdrawing any money from your plan account. 

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.

Loans

The plan is intended to help you put aside money for your retirement. However, Pioneer Regional Education Service Agency, by and through, Cooperative Purchasing Agency, d/b/a Southern Education Retirement Consortium 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.
  • All loans must generally be repaid within five years. 

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

RO 3622777 (7/2024)