457(b) Plan

Flexibility to fit your financial goals

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Our 457(b) Plan offers both tax-deferred and Roth after-tax savings options, as defined under IRS Code Section 457(b). Created by Congress, these plans help public employees save for a more comfortable retirement. Through this Plan you can contribute pre-tax and/or after-tax dollars to your retirement account.

Which account fits you best?

If you prefer to reduce your taxable income now, the tax-deferred option may be a good fit. If current taxable income isn’t a concern, you might consider the Roth option, which allows for tax-free withdrawals in retirement. Enrolling in both options can provide the advantages of each.

457(b) Tax-Deferred (Pay Taxes Later)	457(b) ROTH (Pay Now)
Contributions are deducted from your paycheck before taxes	Contributions are deducted from your paycheck after taxes
May reduce your annual taxable income	Does not reduce your annual taxable income
Distributions are taxed as regular income at any age once you break employment	Earnings grow tax-free
Required minimum distributions begin at age 73	Tax-free withdrawals after 5 years of investing and attaining age 59½

Why North Shore Bank?

We consider personal customer service to be what separates our 457(b) Plan from all others. You have direct access to our dedicated team of professionals via phone, email, or in-person for one-on-one meetings.

Investment Options

Certificates of Deposit^*

Provided by North Shore Bank (not available for Roth 457(b))

View Interest Rates

Mutual Funds^*

Through our partner, Transamerica Retirement Solutions

Investment Options Investment Summary

Forms and Resources

Quarterly Newsletter
Enrollment Brochure
Enrollment Form/Amendment
(Web Form/PDF)
Open or Renew a Certificate of Deposit (CD)
Change Your Contribution Amount Per Check
(Web Form/PDF)
Update Your Personal Information
Request Disbursement
Rollover to North Shore Bank
Review Investment Performance (All Options)
Update Your Beneficiary
(Web Form/PDF)
ACH Credit Authorization Form
(Web Form/PDF)

Get Retirement Ready

Contact Us

Email a Representative

Access Your Account

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Our representatives may not give legal or tax advice. Please consult your attorney or tax advisor for answers to your specific tax questions.

FAQs

Distributions are not required at the time of retirement, but are required beginning in the year you attain the age of 72 years. However, you may elect to take your distribution at termination of employment as a lump sum, monthly, quarterly or annual payment. You may also choose to roll over your funds as permitted in your plan document. North Shore Bank will assist you in structuring your repayments to meet your individual needs and goals.

Yes, participation in a 457 plan does not preclude you from participating in other retirement plans.

The minimum deferral is $10.00 per pay period. The maximum deferral may change annually. As of tax year 2025, the contribution limit is $23,500. Employees age 50 and older are eligible for catch up contributions of an additional $7,500 with total allowable to $31,000.

Since the inception of the North Shore Bank Deferred compensation program, the bank has assessed no service charges or administrative fees for funds allocated to a North Shore Bank Certificate of Deposit. A small annual asset fee is incurred when funds are allocated to the mutual fund options.

Note:

Our representatives may not give legal or tax advice. Please consult your attorney or tax advisor for answers to your specific tax questions.
Your North Shore Bank 457(b) Plan can be funded by both FDIC insured North Shore Bank Certificates of Deposit (CDs) and/or non-Bank investments provided through TransAmerica Funds.
Investments held in North Shore Bank CDs are FDIC insured.
However, investments other than North Shore Bank CDs are NOT a deposit or other obligation of the Bank or its affiliates; NOT insured by the FDIC or any other agency of the United States; are subject to investment risk, including possible loss of value.