|Eligible||Employees of private employers, some non-profit employers, and churches||Employees of non-profits, churches, and public schools||Employees of non-profits, state and local government, churches, and public schools|
|Yes (only 457(b) governmental plans)|
|Age 50+ catch-up contributions||Yes|
|Additional catch up||No||Yes - 15-year rule**||Yes - last 3 years rule***|
|Limitations on deferrals||Lesser of Internal Revenue Code (IRC) dollar limit ($20,500 for 2022; $22,500 for 2023) or 100% of compensation||Lesser of IRC dollar limit ($20,500 for 2022; $22,500 for 2023) or 100% of compensation|
|Limitations on total contributions||Lesser of IRC dollar limit ($61,000 for 2022; $66,000 for 2023) or 100% of compensation||Lesser of IRC dollar limit (20,500 for 2022; $22,500 for 2023) or 100% of compensation.
Limit not coordinated with 401(k) and 403(b) limit.
|Distributions while employed||Only on hardship; age 59 ½ or older||Only on account of unforeseeable emergency; age 59 ½ or older
|Distributions without tax penalty****||
||Distributions of amounts contributed|
|Distributions with tax penalty****||
||Amounts rolled over from other retirement plans may be subject to the penalty, if distributed prior to age 59 ½ (unless another IRC exception applies)|
|Required minimum distributions||April 1st, following the later of the year in which you become age 72, or the year in which you retire (if plan permits).|
|Rollovers||Yes, if allowed by the Plan, but not required
|Transfers||Yes, if allowed by the Plan, but not required
*We do not provide administrative services for these plans.
**Eligible employees with 15 or more years of full-time service may be able to contribute up to $3,000 more for 5 years, or a maximum of $15,000.
***May be eligible to defer up to 2 times the annual contribution limit in effect over the final 3 years of service. Employees cannot participate in the 3-year-catch-up and the 457(b) Plan age 50+ catch-up during the same tax year.
****The IRC imposes a 10% additional tax penalty on certain early distributions from certain retirement plans.