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403(b) plan 

Plan features

Welcome to the Ohio State University 403(b) retirement 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.

View the 403(b) plan details. 

Take advantage today

You are immediately eligible to make elective deferrals to the plan and may begin contributing to the plan upon enrollment.

Starting early has its advantages

Your 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.

2025 contribution limit

Your contribution limit for 2025 is $23,500.

Catch-up contributions

You may be eligible for catch-up contributions depending on your University's plan document. The catch-up contributions are as follows:

2025 catch - up contributions

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

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. You are always 100% vested in your own contributions.

Accessing your money 

Withdrawal restrictions

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

Generally, depending on plan 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

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 on or after age 55
  • Your death or total disability
  • Taking substantially equal payments for a period of five years or upon reaching 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.

Distribution options

Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on plan 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
  • Choosing one of the many annuity options available
  • Deferring distributions until a later date, allowing your account to continue to grow tax-deferred (Required Minimum Distributions apply) 

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.

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

Funds & performance

The following mutual funds and the Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to help 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.

A 1442302 (6/2024)