401(a) / 457 Plan Overviews

401(a) / 457 Plan Overviews

Below are the important features about the plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local representative.


There are other special catch-up provisions permitted in the 457 plan if you meet additional criteria; please see your local representative for more details.

Your 457 contributions are made on a pre-tax basis -- your salary is "reduced" by the amount of your contribution, and you are not taxed on those contributions or the earnings until the money is distributed. If allowed by your employer, Roth contributions may also be an option. Roth contributions are deducted from your salary after taxes and any earnings grow tax-deferred for tax-free qualified Roth distributions. Your contributions are invested according to your investment selection. Please note that distributions will be taxed as ordinary income when distributed and are subject to any applicable tax penalties.

Employer contributions, if offered by your employer, are made on a pre-tax basis and deposited to your selection of investment options in the 401a plan. Employer contributions are not included in the limits below.

Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.

Contract Exchanges

The Plan permits you to move existing Plan assets with prior investment providers to Voya®. Consider your personal financial situation; compare your options for differences in cost, benefits, charges and other important features, before you exchange assets.


The Plan permits you to rollover amounts from a 401(a)/(k), 403(b) or governmental 457(b) plan or a traditional IRA. Consider your personal financial situation; compare your options for differences in cost, benefits, charges and other important features, before you rollover assets.

Please note: Any rollover amounts from a 401(a)/(k) plan; a 403(b); or a traditional IRA will remain subject to the 10% early withdrawal tax penalty when rolled into a governmental 457(b) plan.


Loans are available only if authorized by your employer.

In general, you may have only one outstanding loan at a time for a maximum duration of 60 months. However, you may also take an additional loan for a maximum duration of 240 months if that loan is used for the purchase of your primary residence.

In general, the maximum loan amount is the lesser of:

  1. $50,000 minus the excess of the highest outstanding balance of loans during the last one year period ending on the day before the loan is taken over the outstanding balance of loans on the date the loan is taken; or
  2. 50% of your vested account balance.

There is a $100 loan initiation fee.

The loan interest rate is 6% and is applied back to your account. Please note: loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.