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AIG Life & Retirement is now Corebridge Financial. We are currently updating our websites and materials to reflect this change. Rest assured—whether you see Corebridge or AIG—you’re in the right place. 

Take advantage today

All employees are immediately eligible to participate in the 457(b) plan. There are no age or service requirements. 

Starting early has its advantages

Your contributions

The maximum amount you are allowed to contribute to your 457(b) plan is based on your taxable compensation as defined by the Internal Revenue Code. Generally, you can contribute up to 100% of your salary on a pretax basis, up to the maximum IRS contribution limit. Special catch-up provisions may also be available. Talk to your financial professional for more information. 

2022 contribution limit

Your contribution limit for 2022 is $20,500.

If you have an existing qualified retirement plan (pre-tax), 403(b) tax deferred arrangement or deferred compensation plan account with a prior employer or hold a traditional IRA account, you can transfer or roll over that account into the plan upon becoming a participant in the plan. 

Important considerations before deciding to move funds either into or out of an AIG Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations.

Can I stop or change my contributions?

You may stop your contributions by giving notice to your employer prior to the beginning of the month for which the cessation of contributions is to be effective. Once you discontinue contributions, you may only start again as provided under the terms of the plan. 

You can increase or decrease the amount of your contributions by giving notice to your employer prior to the beginning of the month for which the change is to be effective. 

Vesting

Vesting refers to your “ownership” of a benefit from the plan. You are always 100% vested in employee contributions and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Withdrawals

Money can be withdrawn from the Plan in these events:

  • Death
  • Disability
  • Severance from employment
  • Retirement
  • You attain age 59½ or older
  • Unforeseeable emergency which is defined as a severe financial hardship resulting from a sudden and unexpected illness or accident (involving the participant or dependent), a loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances due to events beyond your control.
  • Attainment of age 72 (age 70½ if born before July 1, 1949). If you reach age 72 and have not separated from service, you can elect to defer receipt no later than April 1 of the year following separation from service.
  • A one-time withdrawal is allowed if your account balance is $5,000 or less and there have been no deferrals for the past two years and no prior withdrawals of this type have been taken.

Income taxes are payable upon withdrawal and federal restrictions apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your Plan account.

Loans

The Plan is intended to help you put aside money for your retirement. However, University System of Georgia has included a Plan feature that enables you to access money from the Plan. 

  • The amount the Plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: 100% of your vested account balance up to $10,000, or 50% of your vested account balance for loans in excess of $10,000, not to exceed $50,000.

  • The minimum loan amount is $1,000.

  • All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.

  • You can have two loans outstanding at a time: one general purpose loan and one mortgage loan.

  • You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%

  • A $50 processing fee for all new loans and a $25.00 per year loan maintenance fee are charged to your account.

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.