A 457(b) plan is a Tax-Deferred Retirement Plan available to employees of state and local governmental agencies, including public school employees. They are similar to 401(k) plans because they allow you to place a percentage of your salary into an employer-sponsored plan that helps you save for retirement. Pre-tax and Roth Contributions are available.

Benefits Include:

• Investment options:  Mutual funds
• Flexibility: start, stop, and adjust your contributions as allowed by your employer’s plan. The minimum contribution is $10 per pay period.
• Receive quarterlyaccount statements
• No 10% federal penalty for early withdrawalof pre-tax assets. Different rules apply to Roth contributions. You must be separated from service in order to withdrawal.

Contribution Limits:

• Participants may contribute up to $22,500 for year 2023.
• Participants age 50 and older at any time during the calendar year are permitted to contribute an additional $7,500 in 2023, for a total of $30,000.
• The Pre-Retirement Catch Up provision allows eligible employees to contribute up to $45,000 in their last three years of employment. Please see Sallie Harborth with MissionSquare for additional information and forms.

All investing involves risk. Past performance is not a guarantee of future returns.