How much can I invest in a North Shore Bank Section 457 Plan?
For Calendar year 2006, you can contribute any amount up to $15,000 per year. Participants over the age of 50 may also set aside an additional $5,000 per year. Also, a special “catch-up” provision permits participants within three years of retirement to shelter twice the normal permitted maximum amount. You may take distributions upon your retirement and elect to receive your funds as monthly, quarterly or annual payments; you may also elect to receive a lump sum distribution.
