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403(b) plan

Welcome to the Clemson University 403(b) Plan. 

This website provides an overview of the basic provisions of the 403(b) plan. For specific information, please contact your employer or financial professional.  

Click below to view the features and highlights of the Clemson University 403(b) plan.

The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.

Take advantage today

All Clemson University faculty and staff (excluding student workers) are eligible to participate in the 403(b) plan upon date of hire.

Starting early has its advantages

Your contributions

You are eligible to contribute on a pretax basis, Roth after-tax basis, or a combination of the two, up to the maximum IRS contribution limit.

2025 contribution limit

Your contribution limit for 2025 is $23,500.

You can increase or decrease the amount you contribute to the plan at any time. 

Catch-up contributions

You might be eligible to contribute an additional catch-up amount if you meet the following conditions. 

2025 catch - up contributions

An additional $7,500 if you are age 50 or older.

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. 

You are immediately vested in your contributions, rollover contributions, and earnings they generate.

Accessing your money before retirement

Withdrawals

Generally, you can withdraw your account balance if any of these events apply:

  • Your retirement 
  • Your death 
  • Your disability 
  • Separation from service 
  • Immediate financial hardship 
  • You attain age 59½ or older

To the extent permitted by the applicable investment option, you may elect to receive a distribution of all or a portion of the amount held in your rollover account at any time. 

Remember that income tax is due at withdrawal, and withdrawals from your 403(b) plan account prior to age 59½ are generally subject to federal restrictions and a 10% federal tax penalty.

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.

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after reaching age 59½, death or disability. Consult your financial professional for more specific information.


Hardship withdrawals

Beginning on November 15, 2024, any participant who requests a new distribution or withdrawal from the 403(b) Plan will be required to log in to the Clemson University Retirement Manager at www.myretirementmanager.com and obtain the certificate of eligibility document to receive approval of your distribution or withdrawal. The types of withdrawals and distributions include hardship withdrawals, in-service exchanges, in-service age 59 ½ withdrawals, and severance of employment distributions. 

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:

  • Medical expenses for you, your spouse, or your dependent
  • Expenses directly related to the purchase of your principal residence
  • Tuition, fees, room and board, for post-secondary education for the next 12 months for you, your spouse, your children, or your dependents
  • Amounts required to prevent eviction from, or foreclosure on, your principal residence
  • Funeral expenses for your deceased parent, spouse, children or dependents
  • Repairs for uninsured or underinsured damage to your home due to theft, fire, storm or another casualty

If you feel you are facing financial hardship, you should see your financial professional for more details including important information regarding required documentation.

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.

Loans

Beginning on November 15, 2024, any participant who requests a new loan will be required to log in to the Clemson University Retirement Manager at www.myretirementmanager.com and obtain the certificate of eligibility document to receive approval of your loan. This new process replaces the current process of submitting a loan transaction form to Clemson University for review, approval, and signature from the plan’s administrator. 

The plan is intended to help you put aside money for your retirement. However, Clemson University has included a plan feature that enables you to access the money from the plan tax-free without permanently reducing your account. 

  • All loans will be limited to the lesser of: one-half of your vested account balance or $50,000, across all plans of your employer.
  • The minimum loan amount is $1,000.
  • All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.
  • You pay interest back to your account. The interest rate on your loan will be fixed with 1% above Prime Rate.
  • A $50.00 processing fee for all new loans and a $50.00 per year maintenance fee are charged to your account.
  • A participant receiving a loan from the plan must enter into an Automated Clearing House (“ACH”) debit agreement to repay the loan from the participant’s personal bank or savings account.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if the employee is under age 59½. For additional information regarding loans, please see your financial professional. 

RO 3756820 (10/2024)