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403(b) plan

Welcome to your 403(b) retirement plan. View the features and highlights of your employer’s retirement plan below. 

The plan highlights are only a brief overview of the plan's features and are not legally binding documents. 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

All employees are eligible to participate.

Starting early has its advantages

Contributions

Contributions will be deposited into your HCPS 403(b) account after every payroll period. You may contribute as little as $25 per pay period or as much as 100% of your 403(b) program eligible compensation up to the maximum IRS limit. Your financial professional can assist in determining the contribution amount that best fits your personal circumstances and financial plans. 

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions

You may be able to contribute additional catch-up contributions. 

2024 catch - up contributions

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

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 your employer’s plan provisions and any administrative requirements. In the meantime, your account will continue to grow on a tax-deferred basis. 

Pretax or Roth contributions

You have a choice regarding your elective contributions. You can direct all of your contributions to a traditional pretax 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 detailed previously. 

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.

Vesting

Vesting refers to the length of service required for you to own the money deposited into your account. You are always 100% immediately vested in your contributions.

Accessing your money before retirement

Distributions

You may take distributions from your account in the following circumstances: 

  • Attaining age 59½
  • Separation from service
  • Retirement
  • Upon your death
  • Due to hardships
  • In a loan

Benefit options upon retirement or separation of service

When you retire, or if you terminate employment before retirement, you have the following basic benefit options from which to choose: continuation of tax-deferred accumulation, loan, annuitization, or cash distribution. 

Annuity payout 

When you select an annuity option, you decide what portion, if not all, of your account you would like to use for annuity payout and how frequently you would like to receive payments. Generally, annuity payout can provide an income that the insurance company guarantees will last as long as you live. Partial annuity payout can provide an income and continued access to a portion of your retirement savings. With annuity payout, there are many payment options from which to choose. 

Taxes are payable on annuity payments as they are received. All guarantees are backed by the claims-paying ability of the insurance company. 


Cash distribution 

You can receive all or any portion of your account's current value as a cash distribution or as systematic withdrawals. However, if you choose this option, the amount withdrawn is immediately subject to federal income taxes and may be subject to federal early withdrawal tax penalties.

Continuation of tax-deferred accumulation

You can choose to leave your account on deposit so that it can continue to accumulate tax-deferred. This way you can maintain investment flexibility while deferring all current tax liability until withdrawal or annuity payments begin, usually at retirement. RMD rules apply. 

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

You may take advantage of a tax-free loan from your 403(b) account. This provision gives you access to cash without permanently reducing the value of your HCPS 403(b) account. It is especially attractive since it's not subject to federal withdrawal restrictions imposed on plan distributions received prior to age 59½. However, defaulted loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are under the age 59½. Your financial professional can provide information regarding maximum loan amounts and loan repayment terms.


Important loan or hardship distribution information

Retirement Manager, a website to help you manage your 403(b) account, has been launched to help keep your retirement plan in compliance with recent federal tax law changes. Specifically, these changes impact what needs to be done in order to take a loan or hardship distribution from your 403(b) account. To comply with these new requirements, an eligibility certificate is required before your vendor will be able to process a distribution request.  If you need a loan or hardship distribution, visit the Retirement Manager website to obtain an eligibility certificate prior to completing your 403(b) vendor’s distribution paperwork.

Access Retirement Manager

The following mutual funds are available in your Henrico County Schools 403(b) 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 their performance available to Henrico County Schools 403(b) plan participants. 

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)