Prior 457 Plan Options for Former Employees
You may change your vendor at any time to the new Texa$aver Program. The investment objective, rate of return, and level of risk for each product varies. For complete product information, contact the representative for that vendor. You must transfer all your funds in the 457 Plan (**except life insurance products**). Annuitized accounts cannot be transferred.
Actively employed by the state:
- Transfer your funds to the Texa$aver 457 Plan. You must transfer all your Prior 457 Funds.
Terminated from state employment, you may:
- Transfer your funds to the Texa$aver 457 Plan.
- Take a distribution of the entire amount, which will be taxable.
- Roll your funds into an Individual Retirement Account at the financial institution of your choice.
If you are already receiving distribution payments, you have the option to transfer your funds to the Texa$aver Program. These distribution payments can be made monthly, quarterly or annually.
In the event that you have more than one Prior 457 vendor, you may transfer all or part of your existing account balance to another vendor, as long as you currently hold a balance with the receiving vendor.
*If you are currently in a life insurance product and have payroll deductions, a participation agreement form must be completed and submitted to your payroll office to stop all future deductions. The prior funds transfer form will not stop payroll deductions.