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The Salvation Army Southern Territory Employee 403(b) Savings Plan Details

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

The Plan Highlights is not your Summary Plan Description. The administration of this plan is governed by the plan. If discrepancies arise between this information and the plan, the plan will govern.

View the Salvation Army Southern Territory Employee 403(b) Savings Plan Details.

403(b) plan

Take advantage today

403(b) Savings Plan

Eligible employees can participate in the plan immediately after hire. Your contributions will start automatically after your first paycheck at a 3% pretax payroll deduction unless you opt out of the plan. Withdrawals of contributions are permissible within 90 days of the first auto-enrollment payroll deduction.

Certain classes of employees are not eligible to participate in this plan:

  • Bell ringers
  • Seasonal workers
  • Casual workers
  • Temporary or seasonal workers working less than 1,040 hours per computation period

Starting early has its advantages

403(b) savings plan contributions

Generally, you may contribute as much as 100% of your annual includible compensation up to the annual contribution limits set by the IRS. Visit corebridgefinancial.com/rs/contributionlimits to see the maximum amount you can contribute to your retirement plan(s). You may increase or decrease your contributions as often as your employer allows. Please note contribution changes must be made on your Ceridian Dayforce Benefits website. 

2025 contribution limit

Your contribution limit for 2025 is $23,500.

Catch-up contributions

You may be able to contribute additional funds if you are age 50 or older. Visit corebridgefinancial.com/rs/contributionlimits to see the maximum amount you can contribute to your retirement plan(s). Please refer to your Ceridian Dayforce Benefits website to make contribution changes for your 403(b) deferral account.

Pre-tax or Roth contributions

You have a choice regarding your elective contributions. You can direct all 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 set by the IRS. Please refer to your Ceridian Dayforce Benefits website to make contribution changes for your 403(b) deferral account or to enroll in the Roth account option.

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.

Vesting

You are always 100% vested in your own contributions. You will be vested in employer contributions to your account as follows:

  • 0 - 2 credited years of service =  0% vesting.
  • 3 credited years of service =  50% vesting.
  • 4 credited years of service =  75% vesting.
  • 5 credited years of service = 100% vesting percentage. 

Accessing your money before retirement

403(b) withdrawal restrictions

Your plans were 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.

You must begin taking distributions once you reach age 73 (age 72 if you were born after June 30, 1949 and before January 1, 1951 & age 70½ if you were born before July 1, 1949) or you retire, whichever is later.

According to your plan’s provisions, you may withdraw your elective deferrals if you meet one of the following requirements:

  • Reaching age 59½
  • Retirement or severance from employment
  • Your death or total disability 

The following are some 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 Bear in mind that income taxes are payable upon withdrawal.
Distribution options

Your withdrawal options include:

  • Electing systematic or partial withdrawals
  • Taking a lump-sum distribution
  • Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers
  • Deferring distributions until the later of age 73 (age 72 if you were born after June 30, 1949 and before January 1, 1951 & age 70 ½ if you were born before July 1, 1949) or severance of employment, and allowing your account to continue to grow on a tax-deferred basis

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.

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.

An array of investment choices

Performance

You decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under The Salvation Army Southern Territory 403(b) Savings Plan. 

The wide array of mutual fund investment options available in your 403(b) retirement 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.

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.

Default investment is an Age-Based Target Date fund.

Administrative fee

The annual administrative fee assessed on mutual fund assets in the plan is $2.00 per month per participant per year; additional plan expenses are paid by The Army. The mutual fund fees may be offset, in whole or in part, by reimbursements received from mutual fund companies. Mutual fund annual operating expenses apply based on the funds chosen. Mutual fund expenses and fund reimbursements are described in the prospectus.

A 1356204 (2/2024)