The 457(b) plan is an employer-sponsored voluntary retirement savings plan that allows you to save money for retirement on a tax-deferred basis. The plan contains most of the same features of the 403(b) plan, but is different in one unique way. Unlike 403(b) plans, early withdrawals from a 457(b) account are not subject to a 10 percent early withdrawal tax upon separating from the employer.

Your employer offers a 457(b) retirement plan as a way to help you save for life beyond your prime working years. Opening a plan can help you build savings with the convenience of contributing directly from your salary on pre-tax or after-tax (Roth) basis. You have the ability to start, stop, increase or decrease contributions any time.

Enrolling in a 457(b) savings plan can help bring financial stability and security for life upon retirement. You can lower your current taxes or earn tax-free income, bridge your retirement income gap, and get closer financial independence.

Enroll and create your 457(b) account now!

1. Start at www.tcgservices.com/enroll.
2. Search for <Insert Group Name> and choose the 457(b) Savings Plan.
3. Follow the steps on screen to select your salary contribution and investment options. Don’t forget to designate an account beneficiary. Note: If you’re unsure about which investment option to select or how much you should save, schedule a meeting with a Retirement Plan Specialist at www.tcgservices.com/telewealth.
4. Continue until you get a confirmation notice, and you’re done!

Contribution Limits

• 2023: $22,500
• 2024: $23,000
• Participants aged 50 and older at any time during the calendar year are permitted to contribute an additional $7,500.

You may simultaneously contribute to both 403(b) and 457(b) plans.