The 457(b) plan offers you flexibility to save more for your future. Contributions to this plan are in addition to any 401(a) or 403(b) retirement plan contributions you may already be making in the University Retirement Savings Plan.
You can save in the 457(b) plan with either pre-tax or after-tax Roth contributions. Pre-tax contributions are deducted from your pay before taxes, which means every dollar you contribute to the plan reduces your current taxable income. In addition, you will not pay any taxes on these contributions or the investment earnings until you begin taking withdrawals from the plan. You can also designate some or all of your contributions as after-tax Roth contributions, which would allow you, depending on your tax situation, to receive a tax-free benefit from this plan on qualified distributions. Consult with your tax advisor on whether this option makes sense for you.
457(b) Retirement Plan Summary Plan Description
A Range of Investment Options
You can make contributions to the 457(b) plan using the streamlined investment menu offered in the Retirement Savings Plan. Get more information on the plan's investment options, including current performance and fees, at TIAA.org/pitt.
Access to Your Money
A deferred compensation account is designed for long-term investing to help you build your savings. This deferred compensation plan provides for distributions when you leave employment or reach age 70, whichever comes first. Please note that any pre-tax contributions you make to the plan will be taxable upon distribution.
Consider Maximizing Your Savings and Flexibility
- Contribute to the 403(b) plan first to take advantage of the University match, if eligible.
- Contribute to the 457(b) plan to save more.
- When you leave employment with the University, distributions from the 457(b) plan are not subject to the early withdrawal penalties associated with 403(b) plan distributions.
Compare the 403(b) and the 457(b) Plans
| 403(b) Plan Contributions | 457(b) Plan Contributions |
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For 2023, the IRS contribution limit is $22,500 ($30,000 for those age 50 and older) |
For 2023, the IRS contribution limit is $22,500 ($30,000 for those age 50 and older) |
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Staff and faculty may be eligible to contribute the maximum to both the 403(b) and 457(b) plans |
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The University matches contributions of 3% - 8% (based on eligibility) |
The University does not make matching contributions |
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Rollovers are permitted to and from IRAs, 403(b), 401(a), 401(k), and other 457(b) public plans that accept it |
Rollovers are not permitted to or from 457(b) private plans |
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Rollovers from the University 403(b) and 401(a) will not be permitted into the 457(b) plan if the staff and faculty member is still actively employed |
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Please note: Active MHSF employees, retirees, and former staff and faculty members are not eligible for this plan.