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403(b) plan

Welcome to your 403(b) retirement plan. Review the features and highlights of your employer’s retirement plan below.


The 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.

View Plan Highlights

Take advantage today

All eligible employees can make pre-tax contributions to the plan immediately.

Information on 403(b) retirement plans
Roth 403(b) brochure
Additional Information on Roth 403(b)

Starting early has its advantages

Employee contributions

Generally, you may contribute as much as 100% of your annual includible compensation up to the contribution limit. You may increase or decrease the amount you contribute to the plan as often as your employer allows. 

2025 contribution limit

Your contribution limit for 2025 is $23,500.

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.

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 your employer’s plan provisions. In the meantime, your account will continue to grow on a tax-deferred basis. Please allow one month’s notice for processing.

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in employee contributions and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Withdrawals

Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ might be subject to federal restrictions and a 10% federal tax penalty. 

Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements: 

  • Attaining age 59½

  • Retirement or separation from service

  • Your death or total disability

  • Hardship

The following are events upon which you may withdraw vested amounts without incurring a 10% federal tax penalty:

  • Attaining age 59½

  • Separation from service on or after age 55

  • Your death or total disability

  • Taking substantially equal payments after separation from service for a period of five years or attainment of age 59½, whichever is later.

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.

Hardship distributions

In certain instances, your plan may allow for hardship 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. If you receive a distribution due to financial hardship, your plan will require you to stop voluntary salary deferrals to all available plans for six months or more and limit your deferrals in the following calendar year.  Your matching contributions will also cease. If you feel you are facing financial hardship, you should see your financial professional for more details. 

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

The plan is intended to help you put aside money for your retirement.  However, the Idaho State Board of Education has included a plan feature that enables you to access money from your retirement plan.  

  • The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.

  • All loans must generally be repaid with five years.

  • The minimum loan amount is $1,000.

  • All loans must generally be repaid within five years.

  • A $50.00 processing fee for all new loans and a $50.000 per year loan maintenance fee are charged to your account.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are under age 59½.

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. 

An array of investment choices

You decide how to invest all contributions made by you or on your behalf in your retirement plan. 

The following funds are available in your 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.
 

Administrative fee

The annual administrative fee assessed on mutual fund assets in the plan is $103 per participant per year, assessed quarterly at a rate of $25.75 divided pro-rata among all ISBOE Plan Accounts. This may be offset, in whole or in part, by reimbursement received from mutual fund companies. Additionally, mutual fund annual operating expenses apply based on the funds chosen. Mutual fund expenses and fund reimbursements are described in the prospectus.

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.

A 1180907 (6/2023)