457(b) Retirement Plan
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. Distributions from a 457(b) Deferred Compensation Plan are not subject to the 10 percent excise tax for early withdrawal.
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
- 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.
All investing involves risk. Past performance is not a guarantee of future returns.
TCG Administrators
512-600-5200