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an annual limit of $23,000. ",[1027],{"type":129,"attrs":1028},{"color":12},{"type":783,"content":1030},[1031],{"type":18,"content":1032},[1033],{"text":1034,"type":22,"marks":1035},"The maximum annual contributions, including catch-up payments, are far less than that of the  401(k). ",[1036],{"type":129,"attrs":1037},{"color":12},{"type":783,"content":1039},[1040],{"type":18,"content":1041},[1042],{"text":1043,"type":22,"marks":1044},"Employees forfeit all their savings if they leave their position before completing two years of service. ",[1045],{"type":129,"attrs":1046},{"color":12},{"type":764,"attrs":1048,"content":1049},{"level":766},[1050,1055],{"text":1051,"type":22,"marks":1052},"What are the contribution limits of a 457(b) plan?",[1053],{"type":129,"attrs":1054},{"color":12},{"text":774,"type":22,"marks":1056},[1057],{"type":129,"attrs":1058},{"color":778},{"type":18,"content":1060},[1061],{"text":1062,"type":22,"marks":1063},"Currently, the 457b plan max contribution 2023-2024 limit set by the IRS is $23,000.  ",[1064],{"type":129,"attrs":1065},{"color":12},{"type":18,"content":1067},[1068,1073,1082],{"text":1069,"type":22,"marks":1070},"Individuals older than 50 can make ",[1071],{"type":129,"attrs":1072},{"color":12},{"text":1074,"type":22,"marks":1075},"catch-up contributions of $7,500",[1076,1079,1081],{"type":31,"attrs":1077},{"href":1078,"uuid":34,"anchor":34,"target":825,"linktype":36},"https://hr.msu.edu/benefits/retirement/457-def-limits.html",{"type":129,"attrs":1080},{"color":12},{"type":829},{"text":1083,"type":22,"marks":1084},", taking the total contribution limit up to $30,500.  ",[1085],{"type":129,"attrs":1086},{"color":12},{"type":18,"content":1088},[1089],{"text":1090,"type":22,"marks":1091},"Additionally, in the final three years before retirement, a 457(b) plan allows employees to contribute up to twice the yearly limit or 100% of their salary, whichever is lower. ",[1092],{"type":129,"attrs":1093},{"color":12},{"type":764,"attrs":1095,"content":1096},{"level":766},[1097,1102],{"text":1098,"type":22,"marks":1099},"What are the distribution rules of a 457(b) plan?",[1100],{"type":129,"attrs":1101},{"color":12},{"text":774,"type":22,"marks":1103},[1104],{"type":129,"attrs":1105},{"color":778},{"type":18,"content":1107},[1108],{"text":1109,"type":22,"marks":1110},"When can you withdraw from your 457b plan?  ",[1111],{"type":129,"attrs":1112},{"color":12},{"type":18,"content":1114},[1115],{"text":1116,"type":22,"marks":1117},"With a 457(b) plan, employees can withdraw some or all of their funds at retirement, even if they are not yet 59 ½ years of age. Unlike other plans, early withdrawals don’t incur a 10% penalty, although these withdrawals will be taxable.  ",[1118],{"type":129,"attrs":1119},{"color":12},{"type":18,"content":1121},[1122],{"text":1123,"type":22,"marks":1124},"The 457(b) plan falls under the IRS required minimum distribution (RMD) regulation, which states that a contributor must start withdrawing a specific portion of their retirement savings at a certain age. Failing to abide by this rule will incur a heavy penalty. ",[1125],{"type":129,"attrs":1126},{"color":12},{"type":764,"attrs":1128,"content":1129},{"level":766},[1130,1135],{"text":1131,"type":22,"marks":1132},"What are the rollover rules of a 457(b) plan?",[1133],{"type":129,"attrs":1134},{"color":12},{"text":774,"type":22,"marks":1136},[1137],{"type":129,"attrs":1138},{"color":778},{"type":18,"content":1140},[1141,1146,1155],{"text":1142,"type":22,"marks":1143},"Employees may roll over their 457(b) assets into most other retirement accounts, including a 401(a), ",[1144],{"type":129,"attrs":1145},{"color":12},{"text":1147,"type":22,"marks":1148},"401(k)",[1149,1152,1154],{"type":31,"attrs":1150},{"href":1151,"uuid":34,"anchor":34,"target":825,"linktype":36},"https://www.unbiased.com/discover/investing/what-is-a-401k-and-how-does-it-work",{"type":129,"attrs":1153},{"color":12},{"type":829},{"text":1156,"type":22,"marks":1157},", traditional IRA, Roth IRA, or another 457(b).  ",[1158],{"type":129,"attrs":1159},{"color":12},{"type":18,"content":1161},[1162],{"text":1163,"type":22,"marks":1164},"They may roll over some or all of their funds. Generally, workers can't roll over their funds while still employed. However, some plans permit \"in-service” withdrawals after a specific age. After retirement, individuals can roll over their funds into any IRS-listed account. ",[1165],{"type":129,"attrs":1166},{"color":12},{"type":18,"content":1168},[1169],{"text":1170,"type":22,"marks":1171},"If a rollover destination account is also a tax-deferred plan, the assets will retain the tax-deferred status. If the funds are rolled over into a Roth account, the IRS will demand income tax from it. However, funds transferred from one account to another don’t count towards the annual contribution limit. ",[1172],{"type":129,"attrs":1173},{"color":12},{"type":764,"attrs":1175,"content":1176},{"level":766},[1177,1182],{"text":1178,"type":22,"marks":1179},"What are the differences between 457(b) plans and other retirement plans?",[1180],{"type":129,"attrs":1181},{"color":12},{"text":774,"type":22,"marks":1183},[1184],{"type":129,"attrs":1185},{"color":778},{"type":18,"content":1187},[1188],{"text":1189,"type":22,"marks":1190},"Some non-profit organization employees and public sector workers can have 403(b) and 457(b) retirement accounts. They are similar in some ways but also have significant differences: ",[1191],{"type":129,"attrs":1192},{"color":12},{"type":780,"content":1194},[1195,1204,1213,1222,1231,1240,1249],{"type":783,"content":1196},[1197],{"type":18,"content":1198},[1199],{"text":1200,"type":22,"marks":1201},"Both plans allow employer contributions, but when comparing a 457b plan vs. a 401k, this rarely happens. ",[1202],{"type":129,"attrs":1203},{"color":12},{"type":783,"content":1205},[1206],{"type":18,"content":1207},[1208],{"text":1209,"type":22,"marks":1210},"403(b) plans allow for double the 457(b) maximum contributions due to employer contributions. ",[1211],{"type":129,"attrs":1212},{"color":12},{"type":783,"content":1214},[1215],{"type":18,"content":1216},[1217],{"text":1218,"type":22,"marks":1219},"Catch-up contributions vary. 403(b) plans allow extra contributions if the person has worked for the same employer for 15 years (a maximum of $15,000). ",[1220],{"type":129,"attrs":1221},{"color":12},{"type":783,"content":1223},[1224],{"type":18,"content":1225},[1226],{"text":1227,"type":22,"marks":1228},"457(b) plans allow early withdrawals at any age after leaving your employer. 403(b) plans allow penalty-free withdrawals from age 59 ½  ",[1229],{"type":129,"attrs":1230},{"color":12},{"type":783,"content":1232},[1233],{"type":18,"content":1234},[1235],{"text":1236,"type":22,"marks":1237},"Whereas 457(b) plans are offered to state and local government employees, private sector workers are eligible for 401(k) retirement options. ",[1238],{"type":129,"attrs":1239},{"color":12},{"type":783,"content":1241},[1242],{"type":18,"content":1243},[1244],{"text":1245,"type":22,"marks":1246},"Early withdrawals from a 401(k) incur a 10% penalty unless the individual withdraws due to financial hardship. There are no penalties on a 457(b) plan. ",[1247],{"type":129,"attrs":1248},{"color":12},{"type":783,"content":1250},[1251],{"type":18,"content":1252},[1253],{"text":1254,"type":22,"marks":1255},"401(k) plans do not have the double catch-up limit available. ",[1256],{"type":129,"attrs":1257},{"color":12},{"type":764,"attrs":1259,"content":1260},{"level":766},[1261,1266],{"text":1262,"type":22,"marks":1263},"Get expert financial advice ",[1264],{"type":129,"attrs":1265},{"color":12},{"text":774,"type":22,"marks":1267},[1268],{"type":129,"attrs":1269},{"color":778},{"type":18,"content":1271},[1272],{"text":1273,"type":22,"marks":1274},"457b plan contributions can help state and local government employees save for their golden years. Its contribution allowances help employees to grow their savings substantially in the three years prior to retirement. Although there are pros and cons to this plan, saving for retirement is essential for your future. ",[1275],{"type":129,"attrs":1276},{"color":12},{"type":18,"content":1278},[1279,1284,1293],{"text":1280,"type":22,"marks":1281},"Let Unbiased help you prepare for your retirement by matching you with a financial advisor for ",[1282],{"type":129,"attrs":1283},{"color":12},{"text":1285,"type":22,"marks":1286},"expert financial advice",[1287,1290,1292],{"type":31,"attrs":1288},{"href":1289,"uuid":34,"anchor":34,"target":825,"linktype":36},"https://v2.unbiased.com/inquiry/financial-advisor/primary-areas?_gl=1%2a1lhxljw%2a_ga%2aMTU2MDk4MzA1OS4xNzE3MTAzMDQx%2a_ga_2L93GWDPD4%2aMTcxNzEwMzA0MC4xLjAuMTcxNzEwMzA0MC42MC4wLjA.",{"type":129,"attrs":1291},{"color":12},{"type":829},{"text":1294,"type":22,"marks":1295},". ",[1296],{"type":129,"attrs":1297},{"color":12},"article-rich-text",[1300],{"_uid":1301,"image":1302,"title":1305,"component":1319,"breadcrumbs":558},"98329ed2-9696-4e4b-9ed4-6a6941d47693",{"alt":12,"name":12,"title":12,"filename":1303,"copyright":12,"fieldtype":1304},"https://a.storyblok.com/f/185166/3939x2626/3a07e66034/457b-plan.webp","asset",{"type":15,"content":1306},[1307],{"type":18,"content":1308},[1309,1311,1317],{"text":1310,"type":22},"What is a ",{"text":1312,"type":22,"marks":1313},"457(b) plan",[1314],{"type":25,"attrs":1315},{"class":1316},"primary-gradient",{"text":1318,"type":22},"?","app-hero",{"name":1321,"created_at":1322,"published_at":1323,"updated_at":1324,"id":1325,"uuid":1326,"content":1327,"slug":1336,"full_slug":1337,"sort_by_date":34,"position":1338,"tag_list":1339,"is_startpage":543,"parent_id":1340,"meta_data":34,"group_id":1341,"first_published_at":1342,"release_id":34,"lang":730,"path":34,"alternates":1343,"default_full_slug":34,"translated_slugs":34,"_stopResolving":558},"Unbiased team","2024-01-18T11:49:29.332Z","2024-01-24T16:17:31.264Z","2024-01-24T16:17:31.285Z",429182198,"a38620a4-ad81-47d5-b2fe-9fe933abd010",{"job":1328,"_uid":1329,"name":1321,"image":1330,"component":1334,"description":1335},"Writers","a6e3129c-eeee-4438-8204-797883981521",{"id":1331,"alt":12,"name":12,"focus":12,"title":12,"source":12,"filename":1332,"copyright":12,"fieldtype":1304,"meta_data":1333,"is_private":12,"is_external_url":543},13850198,"https://a.storyblok.com/f/185166/400x400/232c6cb764/unbiased-team.jpg",{},"article-author","Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.","unbiased-team","authors/unbiased-team",-10,[],224651374,"170282a1-0fe6-4cf3-ab19-04639ed3474c","2023-04-03T07:50:42.397Z",[],[1345],{"_uid":1346,"body":1347,"title":1364,"component":1365},"f6c5b5b0-4028-4168-a001-981b7bfb07d6",[1348,1352,1356,1360],{"_uid":1349,"href":1350,"text":1351,"component":542,"openInNewWindow":558},"75196721-b3a9-4d28-84e5-597da2ce3103","https://www.unbiased.com/discover/retirement/403b-vs-457b","403b vs 457b",{"_uid":1353,"href":1354,"text":1355,"component":542,"openInNewWindow":558},"3de57d33-b645-4f2b-8ef9-5cd8af56ee50","https://www.unbiased.com/discover/retirement-investing/how-much-should-i-contribute-to-my-401k","How much should i contribute to my 401k",{"_uid":1357,"href":1358,"text":1359,"component":542,"openInNewWindow":558},"8398a1ab-8965-4580-92d4-fe74f893cc5b","https://www.unbiased.com/discover/banking/what-is-a-good-monthly-retirement-income","What is a good monthly retirement income",{"_uid":1361,"href":1362,"text":1363,"component":542,"openInNewWindow":558},"4bd712b6-f7a5-4b7c-a097-3c0415fefdbe","https://www.unbiased.com/discover/retirement/vesting-retirement","Vesting retirement","Related articles","app-links-list",{"title":1367,"plugin":1368,"og_image":12,"og_title":12,"description":1369,"twitter_image":12,"twitter_title":12,"og_description":12,"twitter_description":12},"Understanding the 457(b) plan","seo_metatags","Understanding the 457(b) retirement plan, its benefits, contribution limits, and how it differs from other retirement savings options.  ","app-article",[],[],"Find out about the 457(b) plan, including how it works, its benefits and drawbacks, contribution limits, and how it differs from other retirement savings options. ",[],"457b-plan","discover/retirement/457b-plan",-570,[],365223437,"ec2ebc8a-f3f5-40f7-baf3-02452c65aab9","2024-06-14T15:16:03.607Z",[],{"left":727,"top":727,"width":1384,"height":1384,"rotate":727,"vFlip":543,"hFlip":543,"body":1385},24,"\u003Cpath fill=\"currentColor\" d=\"M3.71 16.29a1 1 0 0 0-.33-.21a1 1 0 0 0-.76 0a1 1 0 0 0-.33.21a1 1 0 0 0-.21.33a1 1 0 0 0 .21 1.09a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1 1 0 0 0 .21-1.09a1 1 0 0 0-.21-.33M7 8h14a1 1 0 0 0 0-2H7a1 1 0 0 0 0 2m-3.29 3.29a1 1 0 0 0-1.09-.21a1.2 1.2 0 0 0-.33.21a1 1 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1 1 0 0 0-.21-.33M21 11H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2M3.71 6.29a1 1 0 0 0-.33-.21a1 1 0 0 0-1.09.21a1.2 1.2 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a1 1 0 0 0 1.09-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1.2 1.2 0 0 0-.21-.33M21 16H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2\"/>",[1387,1390,1391],{"title":1388,"exact":558,"href":1389},"Home","https://www.unbiased.com",{"title":161,"exact":558,"to":174,"disabled":543},{"title":750,"exact":558,"to":1392,"disabled":558},"/discover/retirement/457b-plan",{"left":727,"top":727,"width":733,"height":733,"rotate":727,"vFlip":543,"hFlip":543,"body":1394},"\u003Cpath fill=\"currentColor\" d=\"m181.66 133.66l-80 80a8 8 0 0 1-11.32-11.32L164.69 128L90.34 53.66a8 8 0 0 1 11.32-11.32l80 80a8 8 0 0 1 0 11.32\"/>",1775291661926]