403(b) plan
Plan features
Welcome to the Broward Health 403(b) retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
This is not your plan document. The administration of each plan is governed by the actual plan document. If discrepancies arise between this summary and the plan document, the plan document will govern.
Take advantage today
New hires
As a new hire, you are immediately eligible to participate in the plan. All new hires will be automatically enrolled in the retirement plan at 2% contribution percentage of compensation. New hires have 45 days to opt out of enrollment.
Contract employees are not eligible to participate in this plan.
As a new hire, you will need to register to see your account online.
Existing employees
Existing employees can enroll, register and access their account a number of ways. Once enrolled and registered on the website, you’ll have 24/7 access to your account balance and a host of tools designed to help you get on track and stay there.
Starting early has its advantages
Your contributions
Generally, you may contribute as much as 100% of your annual includible compensation up to the annual contribution limits set by the Internal Revenue Service.
You may increase or decrease the amount you contribute to the plan as often as your employer allows.
Catch-up contributions
You may be able to contribute up to an additional:
If eligible for both catch-up contributions above, you must exhaust the 15-year catch-up first.
Employer contributions
Employer contributions shall be made at a rate equal to:
- 100% of the first 1% of compensation deferred
- 35% of deferral in excess of 1%, up to a maximum of 5%
Stop/change contributions
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to plan provisions and any administrative requirements. In the meantime, your account will continue to grow on a tax-deferred basis.
Fee disclosure information
Obtain specific fee disclosure and fund performance information by visiting corebridgefinancial.com/retirementservices and clicking on “Fee Disclosure” at the bottom of the screen.
Vesting
Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in your own contributions. You will be vested in employer contributions to your account as follows:
| Years of service | Vesting percentage |
|---|---|
| 1 | 0% |
| 2 | 25% |
| 3 | 50% |
| 4 | 75% |
| 5 | 100% |
Accessing your money
Withdrawals
Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ may be subject to federal restrictions and a 10% federal early withdrawal tax penalty.
Generally, depending on plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:
- Reaching age 59½
- Retirement or severance from employment
- Your death or total disability
- Hardship
Withdrawal restrictions may be different for employer contributions.
The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:
- Reaching age 59½
- Severance from employment on or after age 55
- Your death or total disability
- Taking substantially equal payments for a period of five years or upon reaching age 59½, whichever is later
Distribution options
Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on plan provisions, your withdrawal options include:
- Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers
- Electing systematic or partial withdrawals
- Taking a lump-sum distribution
- Choosing one of the many annuity options available
- Taking the Required Minimum Distributions when required by law (see below)
Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty may apply to distributions taken prior to reaching age 59½.
In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:
- Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
- Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
- Age 70 ½ if you were born before July 1, 1949.
Consult your financial professional for more specific information.
Account consolidation
You might be able to transfer your vested retirement account balance from a prior employer’s plan to your plan with Corebridge Retirement Services. This may be a way to simplify your financial profile and to help ensure your overall investments are suitably diversified and consistent with your investment preferences. However, before moving funds, check with your other provider to determine if your account has any restrictions, imposes a withdrawal penalty or provides favorable terms.
Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.
Tax-free loans
Tax-free loans make it possible for you to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal early withdrawal tax penalty if you are under age 59½.
An array of investment choices
The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1.800.428.2542.
RO 2946885 (5/2024)