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457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.

457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.

You can take penalty-free withdrawals from your 457 account at any age after you leave your job. Most other types of retirement-savings plans assess a 10% penalty if you withdraw money before age 55 or 59½, depending on when you leave your job.

If a participant is contributing to another 401(k) or a 403(b) plan, the total annual contribution to all plans must be combined and cannot exceed $22,500 in calendar year 2023 ($20,500 in calendar year 2022).

Participants are eligible to withdraw funds from their 457(b) plan when separating from service (for any reason) or for an approved unforeseeable emergency. After separation from service, a participant may rollover their account into a traditional IRA or an existing qualified retirement plan.

The CalPERS 457 Plan is a retirement savings plan. Generally, you cannot withdraw money from your plan account while you are still employed by your employer. You may, however, make Emergency withdrawals for specific financial hardships prior to separation from employment.

The CalPERS 457 Plan is a retirement savings plan. Generally, you cannot withdraw money from your plan account while you are still employed by your employer. You may, however, make Emergency withdrawals for specific financial hardships prior to separation from employment.

Deferred compensation plans don't have required minimum distributions, either. Based upon your plan options, generally, you may choose 1 of 2 ways to receive your deferred compensation: as a lump-sum payment or in installments.