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403(b) plan

Plan details

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

Who can participate?

All eligible employees can make contributions to the plan immediately.

Starting early has its advantages

How do I contribute to the plan?

Through payroll deduction, your plan allows you to make contributions up to the maximum allowed by the Internal Revenue Code. An Internal Revenue Service (IRS) dollar limit also applies. 

2025 contribution limit

Your contribution limit for 2025 is $23,500.

2025 catch - up contributions

> An additional $3,000 if you have 15 more years of service and have undercontributed in prior years, and 

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

Rollovers or transfers

If you have an existing qualified retirement plan (pretax) or qualified retirement plan (after-tax) account with a prior employer, 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.

Can I stop or change my 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.

How do I become "vested" in my plan account?

Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

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

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.

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.
Can I withdraw money in case of financial hardship?

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources 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
  • Non-reimbursable medical and/or dental expenses for you, your spouse or dependents
  • Payment to prevent eviction from or foreclosure on your principal residence
  • Payment for burial or funeral expenses for your deceased parent, spouse or children
  • Payment for expenses for the repair of your principal residence   

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

Can I borrow money from my account?

The plan is intended to help you put aside money for your retirement. However, the University of Houston System has included a plan feature that enables you to access money from the plan.

  • 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: one-half of your vested account balance or $50,000.

  • The minimum loan amount is $1,000.

  • All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.

  • You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.

  • A $50.00 processing fee for all new loans and a $50.00 per year loan maintenance fee are charged to your account. 

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax 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. Refer to the Summary Plan Description for more details about this participant loan feature.

An array of investment choices

The mutual funds available in your University of Houston 403(b) Retirement Savings 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.

* Policy Form series GFUA-398 — group fixed unallocated annuity issued by The Variable Annuity Life Insurance Company.

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)