The state offers a monthly pretax match benefit of $1.00 for every $1.00 you contribute to the 457 plan (pretax or post-tax), up to the maximum match amount of $75/month.
In order to receive the full $75 match each month, you must contribute $75 to the 457. If you contribute less than $75/month to the 457 plan, a 100% match contribution on the amount contributed will be deposited to your 401(a) match account. There are no vesting requirements.
There is no provision to "make up" for missed match contributions unless you are on a qualifying military leave. If you do not make your own contribution to the 457 plan (through payroll deduction), you will not receive the match that month.
Upon separation of employment, cash payments taken from the 401a account are taxed as ordinary income and may be subject to an IRS 10% penalty prior to age 59 1/2. See distributions for former employees for more information.
State of Iowa Employees