Compare Plans
401(k)* | 403(b) | 457(b) | |
---|---|---|---|
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 |
Pre-tax contributions | Yes | ||
Roth after-tax contributions |
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. |
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Distributions while employed | Only on hardship; age 59 ½ or older | Only on account of unforeseeable emergency; age 59 ½ or older |
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Distributions without tax penalty**** |
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Distributions of amounts contributed | |
Distributions with tax penalty**** |
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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 |
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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.