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. You will not have to pay taxes on what you contribute or earnings made until you withdraw the money.

Benefits Include:

• Investment options: fixed annuities, variable annuities, or mutual funds
• Flexibility: start, stop, and adjust your contributions as allowed by your employer’s plan
• Receive periodic account statements
• No 10% federal penalty on interest or earnings for early withdrawal
• No current federal income taxes on the money you put into the plan until it is time to take withdrawals

Contribution Limits

• 2024: $23,000
• 2025: $23,500
• Participants aged 50 and older at any time during the calendar year are permitted to contribute an additional $7,500.

Additional Information

• Information about your Plan can be found on the TCG website at the following link: (Your Plan has helpful links posted, including the Summary Plan Description, important documents, and video guides – including for enrollment – how to change contributions, & etc.) https://tcgservices.com/documents/#/search-forms/gladewaterisd.
  • 457 Enrollment Guide: https://player.vimeo.com/video/735593896
• You can enroll into your 457 Plan online with TCG at the following enrollment link: https://tcgservices.com/enroll/#/search-enroll/gladewaterisd.
• Should you ever have any questions about your Plan, you contact the Customer Service Team at (800) 943-9179. They are typically available M-F, 8 AM – 7 PM CST / 6 AM – 5 PM PST. You can also schedule a callback with them here: https://tcgservices.com/appointment/.

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