401(a) plan
An excellent way to save for retirement
Welcome to the website Corebridge Retirement Services has created especially for you, as an employee eligible to participate in the County of Riverside 401(a) Money Purchase Plan. As a provider for your retirement plans, Corebridge is committed to providing personal service at your convenience.
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
Eligibility is dependent on the provisions of your Memorandum of Understanding or Management Resolution. Not all employees are eligible for the Employer Paid 401(a) contribution.
There is no age or service requirement for eligible employees to participate in the plan.
There is no age or service requirement to participate in the employer contributions portion of the plan.
Starting early has its advantages
Contributions
Employer contributions: The plan provides for Riverside County to make contributions.
Please see your Benefits office or a financial professional for Employer Contributions details.
Vesting
Vesting is a participant’s right of ownership to the money in his or her plan account. Employer contributions to the plan, plus any earnings they generate, are fully and immediately vested.
Accessing your money before retirement
Withdrawals
Money can be withdrawn from the plan in these events:
- Your retirement.
- Death.
- Severance from employment.
- Qualified birth or adoption withdrawal within one year from the date of birth or adoption (not subject to the 10% early withdrawal penalty).
- Reaching age 59½ (if your plan allows in-service distributions).
Income taxes are payable upon withdrawal and federal restrictions and a 10% 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.
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.
Loans
Loans are not permitted in this plan.
An array of investment choices
You decide how to invest all contributions made by you or on your behalf in your retirement plan.
The following funds are available in your plan. They 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. Bear in mind that neither diversification nor asset allocation ensure a profit or protect against market loss.
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 1162505 (05/2023)