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403(b) plan details

 

Welcome to the Fayette County Public Schools 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

There is no age or service requirement for eligible employees to participate in the plan. 

All eligible employees will automatically be enrolled at 1% of plan compensation. 

Starting early has its advantages

Employee contributions

All eligible employees will automatically be enrolled at 1% of plan compensation.

The auto deferral provision applies to any employee hired on or after January 1, 2018, who does not affirmative elect to receive cash or have a specified amount contributed to the plan.

Employees not classified as benefit eligible (as described by the employer) shall be excluded from the Automatic Contribution Arrangement described under this section.

Generally, you may contribute as much as 100% of your annual includible compensation up to the maximum IRS contribution limit. You may increase or decrease the amount you contribute to the plan as often as your employer allows.

2026 contribution limit

Your contribution limit for 2026 is $24,500.

Roth contributions 

You may also make after-tax contributions to a Roth account in the plan by convenient payroll deduction. You have a choice regarding your elective contributions. You can direct all of your contributions to a traditional pre-tax account, to a Roth account or to a combination of the two. Contributions to a Roth account are after-tax. Regardless of your election, you are subject to the annual contribution limits.

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, plus any earnings they generate. 

Accessing your money

Withdrawals

Money may be withdrawn from the plan in these events: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.

Loans

The plan is intended to help you put aside money for your retirement. However, your 403(b) plan includes a feature that lets you borrow money from your account. 

  • 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.
  • You can have two loans outstanding at a time.
  • A $50.00 processing fee for all new loans and a $50.00 per year loan maintenance fee are charged to your account.

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional.

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.

An array of investment choices

The following funds are available in your retirement 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. 
 
View the entire list of funds and performance available in your 403(b) retirement plan.  
 

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)