The 457 Individual Retirement Account reduces the amount you pay for Federal Withholding taxes out of your paycheck. Taxes are deferred until withdrawals are made. You can contribute $19,500 for 2020. The minimum is $10 per pay period.
You can choose between two providers:
- International City Management Association Retirement Corporation (ICMA-RC)
- National Association of Counties (NACo), administered by Nationwide Retirement Solutions (NRS)
You can also choose to contribute to both providers, as long as you do not exceed the total maximum annual contribution.
Each provider offers many investment options, including fixed funds, stocks, bonds, and mutual funds.
You may rollover funds from another eligible retirement plan, your FRS DROP account, or IRA into the 457 plan. You may also rollover your 457 funds into another eligible retirement plan or to an IRA.