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AIG Life & Retirement is now Corebridge Financial. We are currently updating our websites and materials to reflect this change. Rest assured—whether you see Corebridge or AIG—you’re in the right place. 

Take advantage today

Participation in the plan is open to: 

  • Any non-temporary executive, judicial or legislative branch employee who is regularly scheduled for 20 or more hours of work per week or has a fixed annual salary.

The plan does not allow legislators to participate in the employer contributions portion of the plan. 

There is no age or service requirement for eligible employees to participate in the plan.

Starting early has its advantages

Your contributions
The maximum amount you are allowed to contribute to your 457(b) plan is based on your taxable compensation as defined by the Internal Revenue Code. Special catch-up provisions may also be available.

You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan.

2022 contribution limit

Your contribution limit for 2022 is $20,500.

Rollovers or transfers

If you have an existing qualified retirement plan (pre-tax) or deferred compensation plan account with a prior employer or hold a traditional IRA account, you may transfer or roll over that account into the 401(a) plan anytime. Only funds from other 457(b) plans of governmental employers may be rolled over to the 457(b) plan. Funds rolled over to the 457(b) plan become subject to the 457(b) plan's withdrawal restrictions. Please check with your former provider first, to see if surrender charges are applicable.

Important considerations before deciding to move funds either into or out of an AIG Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations.

Employer contributions
The plan also provides for State of Iowa to make matching contributions.

Vesting
Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, employer contributions and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Access to your contributions to the 457(b) plan
Money may be withdrawn from the plan in these events:

  • Death
  • Severance from employment
  • Retirement
  • 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.

Minimum distributions
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.