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You may keep your contributions in the Plan and continue to build savings for retirement. However, you may withdraw your contributions if you: Have a Plan account balance of less than $5,000, exclusive of any assets you may have in a rollover account, AND. Have not contributed to the Plan in the last two years, AND.
Withdrawals can be made at retirement, after terminating employment, or for qualifying financial hardships. 457(b) plans are mostly designed for local and state government employees, whereas 457(f) plans are for non-government employees or highly compensated government employees.
You may withdraw money from your 457 plan when you retire or leave your job and possibly when you experience financial hardship. You'll have to make mandatory withdrawals after age 70 ½, and your beneficiary can withdraw money from the plan upon your death.
Unlike a 401k with contributions housed in a trust and protected from the employer's (and the employee's) creditors, a deferred compensation plan (generally) offers no such protections. Instead, the employee only has a claim under the plan for the deferred compensation.
Any amount you withdraw from your 457 account has taxes withheld at 20%. However, if you select a periodic distribution over 10 years, then only 10% is withheld for taxes.
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People also ask

Attainment of age 59½, regardless of your employment status.
Is there a time when I must withdraw money from my Deferred Compensation Plan? If you have separated from service with New York State or a participating employer, you must begin receiving payments no later than April 1 following the close of the calendar year in which you turn age 72.
Attainment of age 59½, regardless of your employment status.
Although you won't pay any 457 early withdrawal penalties, it isn't easy to take money out of your plan if you're still with your employer. The only way you'll be able to is if you have a hardship withdrawal, and you're only allowed to claim a hardship if you have a qualifying unforeseeable emergency.
The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).

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