403(b) plan
Plan features
Welcome to the Broward Health retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
This is not your plan document. The administration of each plan is governed by the actual plan document. If discrepancies arise between this summary and the plan document, the plan document will govern.
Take advantage today
You are immediately eligible to participate in the plan and may begin contributing to the plan upon enrollment. You are eligible for employer contributions when you have completed one year of service.
Starting early has its advantages
Your contributions
Generally, you may contribute as much as 100% of your annual includible compensation up to the annual maximum allowed by the IRS.
You may increase or decrease the amount you contribute to the plan as often as your employer allows.
Catch-up contributions
You may be able to contribute up to an additional:
Employer contributions
Employer contributions shall be made at a rate equal to:
- 100% of the first 1% of compensation deferred
- 35% of deferral in excess of 1%, up to a maximum of 5%
Stop/change contributions
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to plan provisions and any administrative requirements. In the meantime, your account will continue to grow on a tax-deferred basis.
Vesting
Vesting schedule
| Years of service | Vesting percentage |
|---|---|
| 1 | 0% |
| 2 | 25% |
| 3 | 50% |
| 4 | 75% |
| 5 | 100% |
Accessing your money
Withdrawals
Your plan was 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.
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
- Hardship
Withdrawal restrictions may be different for employer contribution accounts.
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
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
- Taking the Required Minimum Distributions when required by law
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.
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.
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
Performance
You decide how to invest your plan account, selecting from investment choices provided under the plan.
The wide array of 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.
To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit corebridgefinancial.com/retirementservices or call 1.800.428.2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form Series UIT-194, UITG-194 and UITG-194P.
RO2767020(03/2023)