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403(b) and Roth 403(b) Voluntary Retirement Plan

Welcome to your 403(b) retirement plan. Click below to view the features and highlights of Jackson's retirement plans.


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 document control.

Take advantage today 

Employee contributions  

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

However, the plan does not allow participation in the employee contributions portion of the plan by:

  • Employees who normally work less than 20 hours per week
  • Non-resident aliens with no U.S. earned income
  • Employees who are eligible to make a cash or deferred election under a Code Section 401(k) plan of the employer.  

You can begin making pre-tax or Roth after-tax salary deferrals to the plan immediately upon the date of employment.

Employee contributions 

To participate in the employer contributions portion of the plan, employees must have: 

  • Attained age 21
  • Completed 1 year of service, as defined by the plan.

You are eligible to participate in the employer contributions portion of the Plan on the first day of the month coinciding with or next following the date on which the eligibility requirements are met.

Starting early has its advantages 

Employee contributions    

Through payroll deduction, your plan allows you to make pretax and/or after-tax (Roth) contributions up to the maximum allowed by the Internal Revenue Code. You now have a choice regarding your elective contributions. You may 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.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions   

You may be able to contribute:

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 stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan.

You can increase or decrease the amount of your contributions anytime. 

Employer contributions 

The plan also provides for Jackson Health System to make contributions. 

  • The plan also provides for discretionary matching contributions on pre-tax contributions in an amount to be determined by Jackson on an annual basis. The match benefits all eligible employees.
  • Currently the employer does not fund an employer matching contribution.

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, and rollover contributions, plus any earnings they generate.

Employer contributions to the plan, plus any earnings they generate, are vested as follows: 

  • Less than 3 years of service -- 0%
  • More than 3 years of service -- 100%

Accessing your money before retirement 

Withdrawals  

Money can be withdrawn from the plan in these events: 

  • Your retirement
  • Your attaining age 59½
  • Death
  • Disability
  • Severance from employment

Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal 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 voluntary contributions. A hardship may include: 

  • Purchase of a princiapal 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 would like to make a withdrawal from your account, please contact 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.

Loans

The plan is intended to help you put aside money for your retirement. However, Jackson has included a Plan feature that enables you to access money from the plan.

  • 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 $1000.
  • All loans must generally be repaid within five years. A longer term of 15 years may be available if the loan is to be used to purchase your principal residence.
  • You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.
  • A $50 processing fee for all new loans and a $50 per year loan maintenance fee are charged to your account.

Other requirements and limits must be met prior to borrowing money from your account.

If you would like to take a loan from your account, please contact your financial professional.

An array of investment choices 

The wide array of mutual fund options available in your retirement plan will 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.

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 (3/2023)