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403(b) Retirement Savings Plan

Plan features

Welcome to your Gwinnett County Public Schools 403(b) Retirement 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

For the 403(b) plan, you will be enrolled automatically in the plan at the contribution rate of 2.5%. You may opt out of the 403(b) plan within 90 days of your hire date.

In addition to the 403(b) plan, Gwinnett County Public Schools Retirement Savings Plans also sponsor a 457(b) Deferred Compensation Plan (DCP). Regardless of when you were hired, you can contribute to either or both plans. Contributing to both retirement savings plans allows youto save even more for retirement, tax deferred.

Pretax or Roth contributions

You also have a choice regarding your contributions to your 403(b) plan or 457(b) DCP. 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 below. 

Starting early has its advantages

Employee contributions

Through payroll deduction, your plan allows you to contribute as much as 100% of your annual includible compensation up to the annual maximum allowed by the Internal Revenue Service. You can increase or decrease the amount you contribute as often as the plan allows.

2025 contribution limit

Your contribution limit for 2025 is $23,500.

Catch-up contributions

You might be eligible to contribute additional catch-up contributions if you meet the following conditions:

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

Vesting

Vesting refers to your ownership of money in your retirement savings plan account. You are always 100% vested in your own contributions, plus rollover contributions, and any 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 
  • Severance from employment 
  • Financial hardship 
  • 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.

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

The 10% penalty also applies to the amounts rolled over to the 457(b) plan from non-457(b) eligible retirement plans.

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 age 59½, death, or disability.

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.

An array of investment choices

Performance

The mutual funds available in your Gwinnett County Public Schools 403(b) Retirement Savings Plan will 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 2767020 (03/2023)