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. You also may be able to make after-tax Roth contributions which allow for potentially tax-free earnings.
The 2022 contribution limit amounts for the MissionSquare 457 Plan pre-tax and post-tax is $20,500.
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, 457, and Traditional IRAs.