Question 1

What is the Ohio 457 Deferred Compensation Plan?

Accepted Answer

The Ohio 457 Deferred Compensation Plan is a tax-advantaged retirement savings program designed for Ohio public sector employees, including state, county, and local government workers.

Question 2

How do I enroll in the Ohio 457 plan?

Accepted Answer

You can enroll by creating an online account through the Ohio457 website, or by contacting your employer's benefits office. Enrollment is typically available during your employer's open enrollment period.

Question 3

What are the contribution limits for the 457 plan?

Accepted Answer

For 2026, the IRS contribution limit for 457(b) plans is $23,500, with an additional catch-up contribution of $7,250 available for those within 3 years of normal retirement age.

Question 4

Can I withdraw money from my Ohio 457 account?

Accepted Answer

You can withdraw money from your Ohio 457 account when you retire, leave your job, become disabled, or face financial hardship. The 10% early withdrawal penalty does not apply to 457 plans.

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