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.
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Who is eligible?
An employee may become a participant as of the first day of any calendar month by entering into a Deferred Compensation Agreement.
Starting early has its advantages
You may contribute as much as 100% of your annual includible compensation up to to the contribution limit. You may stop, increase or decrease the amount you contribute to the plan by giving notice prior to the beginning of the month for which such change is to be effective.
Additional catch-up contributions
If you are eligible for both, you must select one or the other. You cannot combine the two catch-up amounts, but you may contribute up to the higher amount.
UAB will not match contributions made to the 457(b) plan.
You are always 100% vested in your own contributions.
Accessing your money before retirement
Money can be withdrawn from your 457(b) plan in these events:
- Retirement or separation from service
- Your death
- Unforeseeable emergencies
- Minimum distribution required at attaining age 70½ or upon retirement, whichever is later
VALIC offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your employer's plan provisions, your withdrawal options include:
- Receiving systematic withdrawals
- Taking a lump-sum distribution
- Choosing one of the many annuity options available from VALIC
- Deferring distributions until a later date (but no later than attainment of age 70½), allowing your account to continue to grow tax deferred
Please note that income taxes are payable upon withdrawal and federal restrictions may apply. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
Loans are available in your 457(b) plan
An array of investment choices
The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
- FOR 457(b) PLAN: View the entire list of funds and performance.
Please keep in mind, all investments involve risk. Investment values will fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost.
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.