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403(b) plan

Plan features

Welcome to your 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.

Take advantage today

Participation in the plan is open to all eligible employees on a voluntary basis. The plan does not allow participation by employees who normally work less than 20 hours per week. You can join the plan immediately upon the date of employment.

Starting early has its advantages

Employee contributions

Through payroll deduction, your plan allows you to make pretax and Roth after-tax contributions up to the maximum IRS contribution limit. 

2025 contribution limit

Your contribution limit for 2025 is $23,500.

Rollovers or transfers

If you have an existing qualified retirement plan (pretax), qualified retirement plan (Roth after-tax), 403(b) tax-deferred arrangement, deferred compensation plan or nonprofit plan account with a prior employer or hold a traditional IRA account, you can transfer or roll over that account into the plan anytime.

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.

Catch-up contributions

You may be able to contribute additional catch-up contributions if you meet the following conditions.

2025 catch-up contributions

> $23,500 if you have undercontributed in prior years and are within the last three taxable years before ending the year before the year you attain normal retirement age as specified under the plan, or

> $7,500 if you are age 50 or older

If you are eligible for both, you cannot combine the two catch-up amounts, but may contribute up to the higher amount. Please consult a tax professional to determine which catch-up contribution option would work best for your financial situation.

Stop or change contributions

You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan.

You can increase or decrease the amount of your contributions anytime.

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, catch-up contributions, employer contributions and rollover contributions, plus any earnings they generate.

Accessing your money  

Withdrawals

The 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.

Money can be withdrawn from the plan in these events:

  • Your retirement
  • Your attaining age 59½
  • Death
  • Disability
  • Severance from employment
  • Hardship withdrawal

Income taxes are payable upon withdrawal and federal restrictions and a 10% federal tax penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.

There is a withdrawal permitted for being ordered or called for active duty for more than 179 days or an indefinite period. Rollover accounts may be withdrawn at any time.

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 withdrawal

If you have an immediate financial need created by severe hardship and the distribution is necessary to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:

  • Purchase of a principal residence
  • College tuition and approved related expenses for you, your spouse, or dependents for benefit of a designated non-spouse beneficiary
  • Unreimbursed medical expenses for you, your spouse, or dependents for benefit of a designated non-spouse beneficiary
  • Payment to prevent eviction from or foreclosure on your principal residence
  • Payment for burial or funeral expenses for your deceased parent, spouse or children for benefit of designated non-spouse beneficiary
  • Payment for expenses for the repair of your principal residence

Should you decide to take a hardship withdrawal, contributions to the 403(b) plan and 457(b) plan will be stopped for six months. 

If you feel you are facing financial hardship, you should see your financial professional for more details.

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. Refer to the Summary Plan Description for more details about this participant loan feature.

Loans

The plan is intended to help you put aside money for your retirement. However, the School District of Philadelphia has included a plan feature that enables you to access money from the plan. All loans may be repaid over time.

  • 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 $50,000 reduced by the highest balance of any outstanding loan in the last 12 months or the greater of 50% of your vested account balance or $10,000
  • Loans can be taken from employee elective deferrals, employee Roth contributions, rollover and transfer accounts.
  • The minimum loan amount is $1,000.
  • All loans must generally be repaid within five years. A longer term of 15 years may be available if the loan is to be used to purchase your principal residence.
  • Loans must be repaid at least quarterly via ACH debit from your checking account.
  • Monthly installments will not be accepted for loans in default. In addition, your loan must be paid in full in order to seure the loan or take another loan.
  • A $50 processing fee for all new mutual fund loans and a $50 per year loan maintenance fee are charged to your account.

If a participant defaults in making any payment of principal or interest when due, or within any grace period permitted at the discretion of the Plan Administrator, the loan will be treated as a taxable deemed distribution to the participant as required by law.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal early withdrawal penalty if the employee is 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

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.

RO 2767020 (03/2023)