Welcome to your 457(b) retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
All eligible employees shall be eligible to participate in the plan and defer compensation on a voluntary basis. You can join the plan immediately upon the date of employment.
You may contribute up to the 100% of your compensation up to the maximum IRS contribution limit.
There are two catch-up provisions in your 457(b) plan if you meet the following conditions.
If you have an existing qualified retirement plan (pretax), qualified retirement plan (after-tax), 403(b) tax-deferred arrangement, deferred compensation plan or nonprofit plan account with a prior employer, you can transfer or roll over that account into the plan anytime.
You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan. Changes will take place the first of the following month or later.
You can increase or decrease the amount of your contributions anytime.
Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in employee contributions and rollover contributions, plus any earnings they generate.
Money may be withdrawn from the plan in these events:
The plan is intended to help you put aside money for your retirement. However, the School District of Philadelphia has included a plan feature that enables you to access money from the plan. All loans may be repaid over time.
If a loan goes into default no further loans can be issued from this plan. Default is failure to make a loan payment for 90 days from the due date. The loan will become due and payable for all remaining payments.
In addition, if you ever default on a 457(b) loan with any vendor in the 457(b) plan, you will not be allowed to request a 457(b) loan with any vendor in the future.
Unpaid loan amounts will be taxed as ordinary income.
Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional.
The following mutual funds and the Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to help create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
To view or print a prospectus, access “Prospectuses and Other Important Materials.” The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.