Accessing your money before retirement
Access to your contributions to the 457(b) plan
Money may be withdrawn from the plan in these events:
- Severance from employment
- Unforeseeable emergency which is defined as a severe financial hardship resulting from a sudden and unexpected illness or accident (involving the participant or a dependent), a loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances due to events beyond your control.
- Attainment of age 70½. (If you reach age 70½ and have not separated from service, you can elect to defer receipt no later than April 1 of the year following separation from service.)
- A one-time withdrawal is allowed if your account balance is $5,000 or less and there have been no deferrals for the past two years and no prior withdrawals of this type have been taken.
In the event that a lifetime income investment option will no longer be permitted in the plan, the lifetime income investment option may be directly rolled over to an IRA or other eligible retirement plan in the 90-day window prior to the date of such elimination from the plan. This would be permitted even though the participant is not otherwise entitled to a distribution.
Access to employer contributions
Employer contributions may be taken upon separation from service.
Income taxes are payable upon withdrawal and federal restrictions apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your Plan account.
You must begin taking minimum required distributions the later of attainment of age 70½ or separation from service from the employer sponsoring the plan. Contact your financial advisor for further information about minimum distributions.