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403(b) plan

Plan details 

Welcome to your 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

New employees 

You are immediately eligible to begin contributing to the plan. All new eligible employees are automatically enrolled with a 5% of compensation deferral rate. If you wish to contribute the automatic deferral percentage of 5%, no action is required.  

If you wish to contribute a percentage of your compensation different from the automatic deferral percentage of 5%, 

  • for Hamilton Health Care System Associates, you must elect within one week after your first pay check.
  • for HLTC employees, you must elect within day four and day eleven after your first pay check. 

To stop your deferral contribution amount of 5% or to change that amount, you should contact the Corebridge Retirement Services Enrollment Center at 1.888.569.7055.

Or you may make these changes online, by phone or with your financial professional .

Existing employees

If you are an existing employee who has never enrolled, and/or an employee who opted out of the plan, you should enroll online, by phone or with your financial professional. 
 

Employer matching contributions

Entry date for employer matching contributions is January 1 or July 1 after attainment of age 21 and the completion of one year of service. 

Starting early has its advantages

Employee contributions

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 at any time.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions

You may be able to contribute additional catch-up amounts if you meet the following conditions. 

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.

Stop or change contributions

You may change, stop or resume your contributions at any time, subject to any administrative requirements, by one of the following methods:

  • Online
  • Your local financial professionals
  • Client Care Center at 1.800.448.2542 

In the meantime, your account will continue to grow on a tax-deferred basis.

Employer matching contributions

If you contribute at least 1% of your compensation to the plan, Hamilton Health Care System will contribute $1 for every $1 that you contribute, up to an amount equal to 5% of your compensation.

Account consolidation

You might be able to transfer your vested retirement account balance from a prior employer’s plan to the Hamilton Health Care System’s retirement plan with Corebridge. This can be an excellent way to simplify your financial profile and to ensure your overall investments are suitably diversified and consistent with your investment preferences. However, before you make that decision, check to see if the other provider’s contract imposes surrender charges. 

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 is a participant’s right of ownership to the money in his or her plan account. 
You are always 100% vested in your own contributions. You will be 100% vested in your employer’s matching contributions to your account after three years of vesting service.

Accessing your money before retirement

Withdrawal restrictions

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 penalty. 

Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements: 

  • Retirement or severance from employment
  • Your death
  • Hardship (Elective deferrals only)
  • Attainment of age 59½ – Mutual Fund Matching Dollar Plan
  • Attainment of age 62 – Mutual Fund Defined Contribution Plan  

The following are some events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal penalty:

  • Severance from employment at or after age 55
  • Your death or total disability
  • Taking substantially equal payments for a period of five years or attainment of age 59½, whichever is later

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.
Distribution options

Your withdrawal options include:

  • Transferring your vested account balance over to another tax‑advantaged plan that accepts rollovers
  • Receiving systematic or partial withdrawals
  • Taking a lump-sum distribution
  • Choosing one of the many annuity options available
  • Required Minimum Distribution withdrawals

Generally, income taxes must be paid on all amounts you withdraw from your plan. Consult your financial professional for more specific information.

Tax-free loans

Tax-free loans, from your elective deferrals only, make it possible for you to access your account, subject to certain limitations, without permanently reducing your account balance. 

  • All new loans incur a $50 processing fee and a $50 annual maintenance fee, which are charged to your account. Loans are repaid directly from your checking account.
  • You pay interest back to your account.
  • Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal early withdrawal penalty if you are under 59½.

An array of investment choices

Available funds & performance

The following mutual funds and a fixed-interest option are available in your Hamilton Health Care system 403(b) retirement plan. They provide you with flexibility to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences. 

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.

Investment flexibility

You decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under the Matching Dollar Plan. 

  • Choose from a lineup of mutual funds that span all asset classes and categories 
  • An age-based investment mix where you determine your future retirement date and your investment allocation will be managed for you
  • The option to receive investment advice through Guided Portfolio Services®

Remember, this plan represents a long-term investment. Investment values will fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost. All investment involves risk, including possible loss of principal. 

* Policy Form GFUA-398, a group fixed unallocated annuity, issued by The Variable Annuity Life Insurance Company, Houston, Texas. 

Fixed-Interest Option transfer restrictions

Generally, participants may transfer assets from the Fixed-Interest Option into equity options at any time and, after 90 days, from equity options into another fixed-income option such as a money market fund, a stable-value fund or certain short-term bond funds, if such “competing options” are allowed in the plan. 

Annual Operating Expenses  

Fund Annual Operating Expenses apply depending on the mutual fund chosen and are described in the prospectus.

RO 2767020 (03/2023)