403 (b)/457 Retirement Plans
The CSD Retirement Trust provides options for tax deferred 403(b) and 457 plans and for after-tax Roth 403(b) and Roth 457 plans for R-7 employees.
Benefits of the CSD Retirement Trust:
- Focus on employee financial education
- Increase employee retirement plan participation
- Gain group purchasing power
- Lower participant fees and expenses, where possible
- Create fee transparency
- Assist with retirement plan compliance and administration
- Offer a selection and provide oversight on a menu of low cost, best-in-class mutual funds from companies like: Vanguard, American Century, American Funds, T. Rowe Price, and Fidelity
Learn about the options and service offerings with Corebridge Financial (former AIG Retirement Services) through the CSD Retirement Trust by watching this video.
Retirement Plan Contribution Limits
| Tax Qualified Contribution Limits | 2023 | 2024 |
|---|---|---|
| 403(b), 401(k) and SARSEP elective salary deferral limit (applies to the total of pretax and Roth 403(b) and 401(k) contributions) |
$22,500 | $23,000 |
| 457(b) deferral limit | $22,500 | $23,000 |
| 403(b), 457(b), 401(k), SARSEP age 50 or older catch-up limit* (not applicable to nongovernmental 457(b) plans) |
$7,500 | $7,500 |
| 457(b) service-based catch-up for employees who have under contributed in prior years and are within the last three taxable years ending the year before the year they attain normal retirement age as specified under the plan. (457(b) plan participants who are eligible for both the age-based and service-based contributions cannot combine the two catch-up amounts, but may contribute up to the higher amount) | $22,500 | $23,000 |
| 403(b) service-based catch-up for employees with 15 or more years of service who work for a qualifying employer and have undercontributed in prior years | $3,000 | $3,000 |
* Note: You can’t use both the 457(b) service-based catch-up provision and the age-based catch-up provision in the same year. However, you can use whichever is greater. Please note that the age-based catch-up provision is not available to participants in nongovernmental 457(b) plans.
For individuals contributing to multiple plans, the limits are not per plan but apply across all plans.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.
403(b) or 457(b), what is the difference?
| In a 403(b) plan | In a 457(b) plan |
|---|---|
| Withdrawls prior to age 59 1/2 may be subject to a 10% federal early withdrawal tax penalty, unless an exception applies. | Unlike the 403(b) plan, the 10% federal early withdrawal tax penalty for withdrwals prior to age 59 1/2 does not apply to distributions from 457(b) plans except on amounts rolled into the plan from non-457(b) plans - including IRAs. |
| Less stringent hardship withdrawal restrictions while you are employed. | More stringent unforeseeable emergency withdrawal restrictions while you are employed. |
Examples of financial hardship include:
|
Examples of unforeseeable emergency include:
|
LSR7 CSD Trust Financial Advisor Assignments
Zak Madelen
13220 Metcalf Ave., Suite 360 Overland Park, KC 66213 Cell: 816.589.9313 Office: 913.402.5000High Schools: Lee's Summit North, Lee's Summit West
Middle Schools: Pleasant Lea Middle, East Trails Middle, Summit Lakes Middle
Elementary: Cedar Creek, Greenwood, Hazel Grove, Longview Farm, Pleasant Lea, Richardson, Summit Pointe, Trailridge, Underwood
Other: Aquatic Center, Before & After School Services, Maintenance, Miller Park Center, Transportation, Safety, Stansberry Leadership Center
William Serota
13220 Metcalf Ave., Suite 360 Overland Park, KC 66213 Cell: 816.602.4986 Office: 913.402.5000High Schools: Lee's Summit High School, Summit Technology Academy, Summit Ridge Academy
Middle Schools: Bernard Campbell Middle, Hilltop School
Elementary: Hawthorn Hill, Highland Park, Lee's Summit Elementary, Mason, Meadow Lane, Prairie View, Sunset Valley, Westview, Woodland
Other: Food Service, Great Beginnings, Paradise Park, Purchasing & Warehouse Distribution
Divisional Vice President:
Fred Brandenburg
165 South Union Blvd, Suite 600
Lakewood, CO 80228
Cell: 816-529-7936
Office: 720-962-8000
Fred.Brandenburg@corebridgefinancial.com
Learn More
CSD Retirement Trust - Retirement Matters Newsletter
Additional Information
- Forms
- Self-service Account Set up
- Corebridge Financial Resources
- CSD Retirement Trust Participant Funds Report
- CSD Retirement Trust Facebook Page
- Plan Documents
- Annual 403b Plan Notice
- Corebridge Financial Articles
- Corebridge Education Center
Forms
Self-service Account Set up
Corebridge Financial Resources
CSD Retirement Trust Participant Funds Report
CSD Retirement Trust Facebook Page
Plan Documents
Annual 403b Plan Notice
Corebridge Financial Articles
Corebridge Education Center
