457(b) Plans
For employees of states, counties, and local governments
Your Contributions Limits
In you may be able to contribute up to $22,500 (or 100% of your compensation, if less). Refer to your employer’s plan summary for details.
You can increase or decrease the amount you contribute to the plan as often as your employer allows.
Catch-up Contributions - (if permitted under your employer’s plan)
If you are age 50 or older, you may be eligible to contribute an additional $7,500 in .
If you are within the three years of reaching the plan’s normal retirement age, you may be eligible to contribute up to an additional $22,500 in . Refer to your employer’s plan summary for details on eligibility requirements.
Account Consolidation
If permitted under your current and prior governmental employers’ plans, you can transfer your vested account balance from a prior employer’s retirement plan to your current employer’s plan. This can make it easier for you to track your retirement savings and maintain a suitably diversified investment portfolio. Always make sure that you find out what, if any, surrender charges may apply before you initiate a transfer.
Vesting Status
You are always 100% vested in your own contributions, plus rollover contributions, and any earnings they generate.
Withdrawals and Distributions
Generally not available before age 70 ½, unless the plan permits it earlier or you terminate employment, have an unforeseeable emergency, are disabled, or die. A governmental 457(b) plan may also permit an in-service distribution for Childbirth and Adoption Expenses. Amounts distributed are taxable as ordinary income.
You must begin taking distributions when you reach age 70 ½, or 72 only if you attain age 70 ½ on or after January 1, 2020, or retire from the employer sponsoring the plan, whichever occurs later.
Other Plan Features
Availability of employer contributions, loans, and unforeseeable emergency withdrawals varies by plan. Check your employer’s plan summary to see if these features are offered.
Learn More
About your employer’s 457(b) plan: refer to your employer’s 457(b) plan summary.
