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All eligible employees may immediately contribute money to the 403(b) plan. The following employees are not eligible to participate in the 403(b) plan:  

  • Employees who are eligible to participate in the State of Colorado Department of Higher Education Student Employee Defined Contribution Plan. 
  • Employees who are students and regularly attending classes at CSU.

Starting early has its advantages

Employee contributions

2024 contribution limit

Your contribution limit for 2024 is $23,000.

If you contribute to both the pre-tax and after-tax Roth accounts, your total combined contributions cannot exceed this limit.

Catch-up contributions

2024 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.

Accessing your money before retirement


You may withdraw your funds upon the following events:

  • Attainment of age 59½ 
  • Separation of service  
  • Death

Taxes are payable upon withdrawal and a 10% penalty may apply to withdrawals prior to age 59½. 

Early withdrawal penalty does not apply in certain circumstances such as:  

  • Attainment of age 59½ 
  • Death or disability 
  • Separation from service at age 55 or older 
  • Substantially equal periodic payments over life expectancy taken for a period of 5 years or attainment of 59½, whichever is longer.

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 withdrawals
Your plan allows you to withdraw part of your account in the event of financial hardship. A hardship is defined as an immediate and heavy financial need for which you lack other reasonably available resources. Contact your financial professional for more details about hardship withdrawals.

Withdrawals from Rollover Account
If your account includes money rolled over from a prior employer's retirement plan, you may withdraw this portion of your account at any time. However, taxes are payable upon withdrawal and a 10% penalty may apply to withdrawals prior to age 59½.

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.

You may take advantage of a tax-free loan from your Corebridge account. This provision gives you access to cash without permanently reducing the value of your accounts. It is especially attractive since it's not subject to federal withdrawal restrictions imposed on plan distributions prior to age 59½. Your financial professional can provide information regarding maximum loan amounts and loan repayment terms. Keep in mind, however, defaulted loan amounts will be taxed as ordinary income and tax penalties may apply.