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457(b) plan

Plan details 

Welcome to your 457(b) retirement 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

This plan is only available to highly compensated employees for the relevant plan year, as determined in accordance with the provisions of Code Section 414(q) and who is either an administrative employee or a physician.
 

Enrollment

Enrollment will take effect the first day of the month following the month the Deferred Compensation Agreement is executed or as soon as administratively possible thereafter.

  • Specify the amount to be deferred
  • A new employee may defer compensation payable in the calendar year which includes the first day of employment by entering into a Deferred Compensation Agreement on or before the first day of employment
  • Specify the investment options
  • Designate a beneficiary or beneficiaries
  • Determine a date and method of payment at enrollment or within 60 days of separation from service

To enroll in the plan or learn more, please contact your local financial advisor.

 

Starting early has its advantages

Employee contributions

You contribute by convenient payroll reduction before federal income tax withholding is calculated. This helps reduce your current taxable income so you can save more for retirement with money that otherwise would have gone toward income taxes.

 

Contribution Limit
Catch-up contributions

You may stop your contributions by giving notice to your employer prior to the beginning of the month for which the cessation of contributions is to be effective. 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 by giving notice to your employer prior to the beginning of the month for which the change is to be effective.
 

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

You may withdraw vested money if you meet one of the following requirements:  

  • Death 
  • Severance from employment
  •  Retirement 
  • Unforeseeable emergency which is defined as a severe financial hardship resulting from a sudden and unexpected illness or accident (involving the participant or a dependent), a loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances due to events beyond your control.

Income taxes are payable upon withdrawal and federal withdrawal restrictions apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account. 

An array of investment choices

The mutual funds available in your 457(b) retirement plan will 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.
 

To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.