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APB & ACTS retirement plan

Plan details

Welcome to your retirement plan website. 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

Eligibility in the plans are as follows: 

Alternate Benefit Program (ABP) 

The ABP is a tax-sheltered, defined contribution retirement program for higher education faculty and certain administrators. 

Full-time and adjunct faculty, officers, part-time instructors, visiting professors, and certain professional administrative staff required to possess a college degree or its equivalent participate in the ABP. “Full-time” has been defined to include anyone receiving 50% or more of base salary and may include anyone on sabbatical or paid leave of absence for a period not to exceed one year. Individuals not eligible for membership include: temporary employees (with the exception of visiting professors appointed for a school year, a semester, or a lesser period of time); faculty members temporarily in the US under an F or J visa; employees in a career service title as defined by the NJ State Department of Personnel; employees in clerical and other nonprofessional positions; and any employee receiving a retirement benefit from any NJ State retirement system including ABP. 

Additional Contributions Tax-Sheltered Program (ACTS) 

Employees of the county colleges, State colleges and universities, the Commission on Higher Education, the Department of Education, and the Office of Student Assistance, are eligible to participate in the ACTS Program, as long as they normally work 20 or more hours per week.

Starting early has its advantages

Contributions and vesting in the plans are as follows:  

Alternate Benefit Program (ABP) 

Members annually contribute 5% of base or contractual salary matched by an 8% employer contribution to a tax-deferred investment account. This account may be established with any of the carriers that are currently authorized. Additional voluntary federal tax-deferred contributions under Internal Revenue Code, Section 403(b), may also be made, based on the actual base salary paid less the mandatory 5% member contribution. Before having any additional contributions deducted, members should contact the authorized carrier of their ABP account for a calculation on the exact amount available to them for a Section 403(b) contribution. These contributions cannot exceed the actual dollar limits eligible for tax-shelter in a given tax year.  

Additional Contributions Tax-Sheltered Program (ACTS) 

Through payroll deduction, your plan allows you to make pretax contributions up to the maximum allowed under federal law.  

2025 contribution limit

Your contribution limit for 2025 is $23,500.

You are immediately vested in your plan.

Accessing your money before retirement

No-cost transfers to other providers

Portfolio Director offers enhanced transfer options. You may transfer up to 20% of the accumulated account value of Fixed Account Plus each contract year to another approved provider at no cost.

No-cost withdrawals and surrenders

When pre-retirement withdrawals are permitted, there are no Corebridge Financial Retirement Services charges. Your financial professional can explain in more detail the specific withdrawal privileges available to you. 

Please remember that annuities are long-term investments and income taxes are payable upon withdrawal. Federal withdrawal restrictions and tax penalties may apply to early withdrawals.

Tax-free loan provisions

Corebridge Financial Retirement Services' tax-free loan provisions enable you to use a portion of your accumulated account value without permanently reducing your account balance ... and without incurring federal tax penalties for early withdrawal. The minimum loan amount is $1,000. 

Loans may be subject to employer plan provisions and regulations. A $50 loan fee may apply and be considered part of the total loan amount.

Investment flexibility

You can invest in one or a number of Portfolio Director options at a time. And you're not locked into today's decision forever. Portfolio Director's flexible investment features include:
 

  • No-cost transfers among investment options — you may transfer your investment assets among the wide array of Portfolio Director investment options, without charge. You may also transfer, without a Corebridge Financial Retirement Services charge, part or all of your available account balances from other companies. You may wish to transfer other accounts to Corebridge Financial Retirement Services if you want to diversify your retirement plan assets or gain access to an expanded array of investment and distribution options. See Corebridge Financial Retirement Services'  Investor Trading Policy for transfer limitations.

  • Systematic Transfers of Value (TOV) — participants may, with a single authorization, establish a series of periodic transfers from one investment option to up to six other investment options. With systematic TOV, you can transfer funds automatically on a weekly, biweekly, monthly, quarterly, semi-annual or annual basis. And you have a choice of four transfer methods: interest only, dollar amount, percentage amount or total systematic transfer. For a more complete explanation of the systematic TOV options available to you, contact your local financial professional. 

Portability

In today's mobile society, portability is a necessity to the continuity of your retirement plan. And Corebridge Financial Retirement Services doesn't require you to "cash in" your contract when you terminate employment. So, if you move to a different higher education institution, it is likely you will have access to the same Corebridge Financial Retirement Services investment options and features, since Corebridge Financial Retirement Services is licensed in all 50 states and the District of Columbia. This enables you to maintain the continuity of your long-term investment program.

Payout options

When you are ready to retire, Portfolio Director provides you with a wide range of payout options that include, but are not limited to: 


Annuitization options

  • Lifetime annuity (payments that Corebridge Financial Retirement Services guarantees you cannot outlive). Note that guarantees are subject to the claims-paying ability of the insurance company.

  • Lifetime annuity, plus guaranteed periods for beneficiaries.

  • Joint and survivor annuity.

  • Designated period.

  • Designated amount.

  • Unit cash refund annuity.

Withdrawals

  • Partial withdrawals

  • Systematic withdrawals

  • Lump-sum distribution

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.

Guaranteed death benefits

In the event of your death prior to annuitization, Portfolio Director offers guaranteed death benefits to your beneficiary. Whether you contribute to fixed or variable investment options, Corebridge Financial Retirement Services guarantees that your beneficiary will never receive less than the amount you contributed, less any prior withdrawals and outstanding loans. Guarantees are subject to the claims-paying ability of the insurance company.

  • For your investment in the fixed options 
    Your beneficiary will receive the greater of either the value of your fixed options, or the sum of your contributions to fixed options, less any withdrawals, outstanding loans or transfers to variable options. Also, during the accumulation phase, fixed options earn competitive interest at a rate that is guaranteed never to be less than 3%.

  • For your investment in the variable options 
    If you die before age 70, your beneficiary will receive the greater of either the value of your variable options, or the sum of your contributions to the variable options (less withdrawals, outstanding loans or transfers to a fixed option), plus interest at an annual rate of 3%.

Also, in the event of your death, your death benefit proceeds pass directly to your named beneficiary. This generally avoids the cost and delays of probate. Your beneficiary can choose to withdraw — without Corebridge Financial Retirement Services charges — the entire account balance, or leave all or a portion of it on deposit. If an account balance is left on deposit, the beneficiary can make withdrawals whenever he or she chooses, subject to Internal Revenue Code requirements, with no Corebridge Financial Retirement Services charges. 

To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit www.corebridgefinancial.com/retirementservices or call 1.800.448.2542 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. Policy Form Series UIT-194, UITG-194 and IITG-194P.

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

Click here to view a list of investment options and performance available in your retirement plan. (Please note: It may take a few minutes to load the performance.) 
 

To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit www.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. Policy Form Series UIT-194, UITG-194 and UITG-194P.

RO 2767020 (03/2023)