Empower - 457 (b) Plan
Reference Plan ID # 100410
Employees may change your contribution amount to your 457(b) deferred compensation online.
Pre-tax contributions you make reduce your taxable income for the year. These contributions and all associated earnings are then not subject to tax until you withdraw them.
The 2024 contribution limit amounts for the Empower 457(b) Plan pre-tax and post-tax is $23,000.
Those eligible for the Catch-Up Provision who are within three (3) years of normal retirement age are able to catch-up twice the contribution limit set each year provided there are years the participant did not contribute the maximum available.
New Age 50 Catch-Up Provision
Employees who are age 50 or older may make additional "Catch-Up" contributions to the 457 Plan each year.
Reminder: You may not participate in the Catch-Up and the New Age 50 Catch-Up simultaneously.
Rollover Between Plans
Participants will be able to move their 457 Plan when they are eligible (example: termination of employment) between retirement plans in the public, private, education, and nonprofit sectors. Money may be moved between a 401K, 403B, and the 457(b).
Empower serves over 82,000 plans and more than 18 million individuals. We take great pride in helping people with saving and investing while providing them with the tools and resources they need to help them reach their financial goals.
The transition to Empower brings advantages:
- See your complete financial picture – Link outside accounts to get a holistic view of your assets, spending, and debt as well as their impact on your net worth.
- Personalized guidance just for you – Receive actionable information and access straightforward solutions that can help you with your financial goals.
- Automatic account transfer – Your retirement account, current investments, contribution rates, and loan and distribution arrangements will automatically transfer.
Speak with a Plan Advisor (Coming soon)