Skip to main content
Corebridge home

403(b) plan

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 of your plan

Employee contributions

Generally speaking, all employees are eligible to defer their own money to the plan, except employees who are students, leased employees, and those employees who normally work less than 20 hours per week.

Employer contributions 

All employees are eligible for employer contributions except employees who are students, leased employees, and those employees who normally work less than 20 hours per week.

Initially to be eligible, you must complete one year of service (1,000 hours).

Starting early has its advantages

Employee contributions

Your plan allows you to make pretax contributions up to the maximum annual contribution limit for that year. 

2024 contribution limit

Your contribution limit for 2024 is $23,000.

In addition, you may contribute an additional catch-up contribution if you meet the following: 

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.

Employer contributions 

There are three different types of employer contributions:

  • Employer non-elective contributions: Husson University may make a discretionary non-elective contribution to your account.
  • Employer matching contributions: Additionally, for participants who defer at least 3% of compensation to the plan, Husson University may make a discretionary matching contribution to your account.
  • Employer discretionary contributions: If you complete a year of service during the plan year, work at least 1,000 hours, and you are employed by the University on the last day of the plan year, you are eligible to share in the employer discretionary contribution. 

For more specific information about what Husson University may contribute on your behalf to the retirement plan, consult your financial professional. 

Vesting

Vesting refers to a participant’s right to the money in their retirement plan.  Participants are fully vested in their Husson University retirement plan.

Accessing your money 

Elective contributions (employee contributions) are available for distribution only in the event of a hardship or after reaching age 59½. 

In addition, money can be withdrawn from the plan in these events: 

  • Your retirement
  • Death
  • Disability
  • Severance from employment

Employer contributions can be withdrawan from the plan in these events: 

  • Your retirement
  • Death
  • Disability
  • Severance from employment

Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal tax penalty may apply 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.

Hardship withdrawals 

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your salary deferrals. A hardship may include:

  • Purchase of a principal residence
  • College tuition and approved related expenses for you, your spouse or dependents
  • Non-reimbursable medical and/or dental expenses for you, your spouse or dependents
  • Payment to prevent eviction from or foreclosure on your principal residence
  • Payment for burial or funeral expenses for your deceased parent, spouse or children
  • Payment for expenses for the repair of your principal residence

If you feel you are facing financial hardship, you should see your financial professional for more details.

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.

RO 2767020 (3/2023)