Home > Former Employees
  • Have a Prior 457 account?

    The Prior 457 Plan started in 1974 and transferred to ERS on January 1, 1991. Assets in the Prior 457 Plan were allowed to remain with the existing vendors (small number of participants).

  • Outline of the state of Texas 
  • Surrender Charges

    Products may be subject to Surrender Charges (Contingent Deferred Sales Charges, Expenses and/or Account Closing Fees) as illustrated below. For complete information about the deferred fees, surrender charges, expenses, account closing fees, or other charges applicable to your account, contact your vendor representative or agency/institution benefits coordinator for information.

    Variable Annuity/Life Insurance Terms

    Surrender Charges – Also known as contingent deferred sales charges or (CDSC), these charges are levied by the insurance company when an investor withdraws or transfers his or her money before the account's maturity date (or annuitization date). Usually, the charge is expressed as a percentage of the amount of the contract value that is withdrawn, transferred, or surrendered, and is generally imposed on the premiums paid, not the gains.

    Expenses – Fund Operating Expenses (to cover Mortality and Expense Risk charges and all other miscellaneous administrative and distribution expenses) are deducted from Fund assets, and are thus paid indirectly by all Fund shareholders. These fluctuating expenses reduce the investment returns.


  • Icon Prior 457 Plan Change Agreement

    For Actively Employed and Terminated Participants - Used for changing beneficiary information or stopping deferrals to a life insurance product. The participant can type information on the online form, print it out, and send it to the agency benefits coordinator. The benefits coordinator will sign and send a copy to ERS. Note: Only beneficiary designations made on ERS 457 forms will be honored. (ERS DC 10.01)

    Icon Prior 457 Plan Distribution Agreement

    For terminated participants - Used by participants and beneficiaries for rolling funds into an IRA lump sum, partial lump sum or a change of ownership of a life insurance policy. This form must be submitted to the benefits coordinator and the coordinator will send a copy to ERS.

    Icon Prior 457 Plan Funds Transfer Form

    For active employed and terminated participants - Used for transferring the balances in the Prior 457 Plan to the Texa$aver 457 Plan. The participant can complete the form, print it out, and send it to ERS. (ERS 2.883)

    Icon Prior 457 Plan One-Time Distribution Election Form

    A One-Time(De Minimus) election allows a distribution from the Prior 457 Plan when the total Plan account including funds held through Texa$aver 457 Plan, is $5,000 or less and no deferrals have been made for two years. Complete form and return to ERS for review and approval of distribution. (ERS DC 2.900)