457(b) plan

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.

Catch-up contributions

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

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. 

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Money may be withdrawn from the plan in these events: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.