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Retirement Plan Information.pdf

retirement_plan_information.pdf
Preview of Retirement Plan Information
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📊 Size: 185 KB
👤 Author: Christan Gage
⬇️ Downloads: 114

Summary

403(b) and 457 plans are available to employees of certain organizations, with the 403(b) available to employees of section 501(c)(3) organizations and public schools, and the 457 plan available to state and local governments, including public school employees. The elective deferral limit for both plans is $22,500 in 2023, with catch-up contributions of $7,500 available for individuals 50 or older. The 457 plan also allows for an additional catch-up contribution of up to 200% of the normal limit in the final 3 years before normal retirement age. Both plans are funded through salary reduction and contributions are made on a pre-tax basis, with tax-deferred earnings and various investment options. Distributions from both plans are subject to income taxation, but 457 plan withdrawals are not subject to the 10% federal tax penalty. Loans are allowed in both plans, and monies in the plan can be used to "buy back" past service credits of a government defined benefit plan. The normal retirement age for the 403(b) plan is 59 1/2, and 55 for the 457 plan.

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Description

403(b) and 457 plans are available to employees of certain organizations, with the 403(b) available to employees of section 501(c)(3) organizations and public...

Technical Information

  • File Format: PDF
  • File Size: 185 KB
  • Pages: 2
  • Language: EN
  • Author: Christan Gage
  • Total Downloads: 114
  • Last Updated: 3 weeks ago

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This PDF document about Retirement Plan Information provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into Retirement Plan Information.

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