403(b) plan details
Plan features
Welcome to the Titusville Area Hospital 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.
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Employee contributions
An employee may defer immediately upon employment unless excluded from the plan. The following are excluded from the plan:
- Employees who work less than 20 hours per week
- Employees who are members of a collective bargaining agreement
Employer contributions
Participation in the employer contributions is open to all eligible employees who have met the following requirements:
- Attained age 21
- Completed 1 year of service, as defined by the plan.
Starting early has its advantages
Contributions
Through payroll deduction, your plan allows you to make pre-tax contributions up to the maximum allowed by the Internal Revenue Code. An Internal Revenue Service (IRS) dollar limit also applies.
Rollovers or transfers
If you have an existing qualified retirement plan (pre-tax) or 403(b) tax deferred arrangement account with a prior employer, you can transfer or roll over that account into the plan on becoming a participant in the plan.
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 up to an additional:
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, employer contributions and rollover contributions, plus any earnings they generate.
Accessing your money
Money may be withdrawn from the plan in these events:
- Attainment of age 59½
- Death
- Disability
- Severance from employment
- Financial hardship (Hardship withdrawals may be made from salary reduction contributions only, not from earnings on those contributions.)
Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may appear if taken before age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
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.
An array of investment choices
The wide array of mutual fund options available in your 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.
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 1281707 (10/2023)