Commissioners approve 457(b) plan change to allow in‑service distributions at 59½

Holly presented an update to Randall County's 457(b) plan that reduces the age eligible for in‑service distributions from 70½ to 59½ following federal changes under the SECURE Act 2.0.

Holly explained Section 5 of the county's 457(b) plan addresses in‑service distributions and noted the new federal provisions permit earlier access so employees need not terminate employment to receive distributions. "Law has changed that allows that age to be reduced to 59.5 so that they don't have to terminate their employment in order to be able to receive those distributions at that age," Holly said. She confirmed distributions can be rolled to other qualified plans and emphasized participation is voluntary.

Commissioners supported the amendment and approved the change 5-0. The benefit office will include information about the change at open enrollment and provide enrollment support to employees interested in the option.