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About 457(b)

 

What is a 457(b) plan?

 

A 457(b) plan is a tax-deferred (pre-tax) retirement savings plan made available to employees of governmental and certain non-profit organizations.  Contributions to the plan are invested in mutual funds, bond funds, or other investment vehicles and grow tax free until withdrawn.

To view the general FBC 457(b) Plan Highlights, click here.

 

Contribution Amounts

 

You are limited to the amount you may contribute to the 457(b) plan each year.  Generally, you may contribute up to $18,000* per year.  However, various 田atch-up options may allow you to contribute more than $18,000*.  If you are over age 50 you may contribute an additional $6,000*.  Or there is a catch-up option available to some employees entering their final 3 years of employment prior to attaining normal retirement age which may allow for up to $18,000* additional to be contributed.

 

Your employer may also elect to make 457(b) contributions on your behalf.  But your and your employer痴 contributions may not exceed the $18,000* limit (or more if catch-up eligible).

 

Transferring Funds

 

The funds in your 457(b) plan may be transferred to a different 457(b) plan that is offered by your employer at any time and for any reason.

 

Withdrawing Funds

 

The following are events that will allow you to withdraw funds from your account and either receive the money directly or rollover the money to a different retirement plan:

         Termination of employment from your current employer

         Disability

         Death

         Unforeseeable emergency

 

Direct withdrawals may generally be made in the form of a lump sum distribution or in an annuity payment.

 

Loans may also be taken from your 457(b) plan.  Consult with your advisor for additional details.

 

Interaction with 403(b)

 

To learn more about 403(b) plans click here.

 

You may contribute to both the 457(b) and 403(b) plans concurrently.  Therefore, if you desire to maximize your tax deferred savings opportunities you may wish to contribute to both plans.  Each plan has separate $18,000* base contribution limitations (which may be higher if you qualify for a catch-up provision).

 

Differences between the 403(b) Plan and the 457(b) Plan

 

For detailed information about 403(b) plans click here.

 

403(b)

457(b)

      Withdrawing funds prior to age 59 ス incurs a 10% early withdrawal penalty levied by the IRS.

      No 10% penalty for early withdrawal.

      Attainment of age 59 ス qualifies as a distributable event that permits you to withdraw funds from your account.

      Attainment of age 59 ス does not qualify as a distributable event.

      There are many vendors who offer 403(b) plans within your district.

      The FBC Plan may be the only 457(b) option within your district.

      403(b) plans may permit you to exceed the $18,000* annual contribution limit if you have at least 15 years of service with our current employer.

      No 15 years of service catch-up option.

      No catch-up for entering your final 3 years of services of service prior to retirement.

      457(b) plans may allow you to exceed the $18,000* annual contribution limit if you are entering your final 3 years of employment prior to retirement.

 

*2017 figures

 

 

 

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