403(b) plan
Plan details
Welcome to your 403(b) retirement plan. Click below to view the features and highlights of The College of Idaho retirement 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
Employee contributions
You are immediately eligible upon employment to start making elective deferrals to the plan.
Employer contributions
You are eligible for employer contributions on the later of the first anniversary of your date of hire and completion of 1,000 hours of service.
Starting early has its advantages
Employee contributions
You may contribute as much as 100% of your annual includible compensation up to the maximum IRS contribution limit.
You may increase or decrease the amount you contribute to the plan as often as your employer allows.
Includible compensation is not reduced by elective salary reduction contributions to the 403(b) program or other plans sponsored by CPS.
Catch-up contributions
You are eligible for catch-up contributions if you meet the following:
Stop/change contributions
If you would like to stop or change your contribution rate, please submit a completed Salary Reduction Agreement to Human Resources.
Employer contributions
The College of Idaho will match a percentage of the elective deferrals of each eligible employee. The College of Idaho will determine the uniform matching percentage to be contributed periodically. Currently, The College of Idaho will match 100% of your deferral up to a maximum of 7% of your compensation (i.e., if you defer 3%, The College of Idaho will contribute 3%; if you defer 10%, The College of Idaho will contribute 7%).
Vesting
You are immediately 100% vested in your own contributions and in employer matching contributions made to your account.
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. The following events may qualify you to withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:
- Reaching age 59½
- Severance from employment at or after age 55
- Your death or total disability
- Payments that start after you sever from employment if paid at least annually in equal or close to equal amounts over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary)
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.
Distribution options
The retirement plan allows you to take distributions in the following circumstances:
- From your contributions in the case of hardship, when you attain age 59½, or sever employment
- From The College of Idaho’s matching contributions when you attain age 59½, or sever employment
In the case of financial hardship, your plan allows for hardship withdrawals from your account while you are employed by The College of Idaho only if you are unable to satisfy the immediate and heavy financial need from other reasonably available resources.
Safe harbor distributions
Safe harbor distribution reasons include:
Medical expenses for you, your spouse, or your dependent.
Expenses directly related to the purchase of your principal residence, excluding mortgage payments.
Tuition-related educational fees, room and board, for post-secondary education for the next 12 months for you, your spouse, 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 other casualty.
To inquire on your eligibility to receive a hardship withdrawal, please contact the Client Care Center at 1.800.448.2542.
Severance from employment
Depending on your employer’s plan provisions, your withdrawal options include:
- Transferring your vested account balance over to another tax-advantaged plan that accepts rollovers
- Electing systematic or partial withdrawals
- Taking a lump-sum distribution
- Choosing one of the many annuity options, inside the plan or via rollover
- Taking the Required Minimum Distributions when required by law
Retirement plans and accounts such as 403(b)s, IRAs, 401(k)s, etc., can be tax deferred regardless of whether or not they are funded with an annuity. Investment in an annuity within a plan does not provide additional tax-deferred treatment of earnings. However, annuities do provide other features and benefits.
Generally, income taxes must be paid on all amounts you withdraw from your plan. Consult your financial professional for more specific information.
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
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 younger than age 59½.
Participants and former participants may take loans from the plan. Loans may be obtained by calling the Client Care Center at 1.800.448.2542.
An array of investment choices
Available funds & performance
All contributions to your plan will be invested in the mutual fund options you designate. If you are an existing Corebridge Retirement Services participant and maintain an annuity account, you can choose to leave your existing balance in the Portfolio Director® Fixed and Variable Annuity, or you can transfer your balance to the mutual fund platform by completing an “Asset Conversion Form.” Investment values will fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost. All investment is subject to risk, including possible loss of principal.
You can change your investment choices anytime. If you are new to the plan or new to Corebridge, and you do not select investment choices, your contributions will be invested in the appropriate Vanguard Target Date Retirement Fund based on your date of birth.
The principal value of an investment in a target date fund is not guaranteed at any time including at or after the target maturity date. The target date is the approximate date when investors plan to start withdrawing their money. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date.
Mutual fund: 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.
Annuity: To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit corebridgefinancial.com/retirementservices or call 1.800.428.2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money.
Administrative fee
For accounts in the mutual fund platform, an administrative fee of $37 per participant is charged on a quarterly basis ($148 per year). Additionally, Fund Annual Operating Expenses apply depending on the mutual fund chosen and are described in the prospectus.
RO2767020(03/2023)