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403(b) plan

Welcome to the Cone Health 403(b) Voluntary Savings Plan. Click below to view the features and highlights of your employer’s 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

You are immediately eligible to contribute to the plan. You are eligible to receive matching contributions:

  • When you complete one year of service (12 months) and work 1,000 hours
  • On quarterly entry dates (1/1, 4/1, 7/1, 10/1)

Starting early has its advantages

Your contributions (subject to plan terms)

Generally, you may contribute as much as 90% of your annual includible compensation up to the maximum IRS contribution limit for the year. You may increase or decrease the amount you contribute to the plan as often as the plan allows.

2025 contribution limit

Your contribution limit for 2025 is $23,500.

Catch-up contributions

You are eligible for catch-up contributions if you meet the following: 

2025 catch - up contributions

> An additional $3,000 if you have 15 more years of service and have undercontributed in prior years, and 

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

If eligible for both catch-up contributions above, you must exhaust the 15-year catch-up first.

Pretax or Roth 403(b) contributions

You have a choice regarding your elective contributions. You can direct all of your contributions to a traditional pretax account, to a Roth account or to a combination of the two. Contributions to a Roth account are after-tax. Regardless of your election, you are subject to the annual contribution limits detailed previously.

Auto-escalation

If you were automatically enrolled, your contribution will be automatically increased by 1% each January until it reaches 15%.

If you make an active election using a percentage, you can still elect to auto-escalate your contribution level annually.

Matching contributions (discretionary)

Cone Health will match your 403(b) contribution at 50% up to an amount equal to 8% of your compensation.

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.

Vesting

You are always 100% vested in your own contributions.

Vesting Schedule for Employer Matching Contribution
You become vested in your 403(b) Cone Health System matching contributions according to the following schedule:

Less than 3 years - 0% 
3 or more years - 100%

Accessing your money before retirement

Withdrawal restrictions

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 the plan’s 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

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 at or after age 55
  • Your death or total disability
  • Taking substantially equal payments for a period of five years or reaching age 59½, whichever is laterHardship withdrawals

Please note that a disability must continue for six months before a determination of disability will be made. The Social Security definition of disability will apply.

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

Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on the plan’s 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
  • Taking the Required Minimum Distributions when required by law

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.

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.

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

You decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under the Cone Health System 403(b) Voluntary Savings Plan.

403(b) plan: 

Remember, this plan represents a long-term investment. Investment values of the mutual funds you choose 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 the original cost. Bear in mind that investing involves risk, including possible loss of principal.

* Policy Form series GFUA-398 — group fixed unallocated annuity issued by The Variable Annuity Life Insurance Company.

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 2767020 (03/2023)