403(b) plan
Plan details
Welcome to your 403(b) retirement plan. Click below to view the current features and highlights of your employer’s retirement plans.
Note: 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.
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Who can participate?
All full-time and part-time employees can make contributions to the plan except for employees who are students and regularly attend classes at the employer institutions during the plan year.
There are no age or service requirements for eligible employees to participate in the plan.
Starting early has its advantages
Your employer's 403(b) plan is a voluntary retirement plan.
How much can I contribute to the plan?
Through payroll deduction, your plan allows you to make pre-tax (traditional) or after-tax (ROTH) contributions up to the maximum IRS contribution limit. Special catch-up provisions may also be available. Talk to your financial professional for more information.
Can I stop or change my 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.
Vesting
Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, plus any earnings they generate.
How are plan contributions invested?
You decide how to invest your account, selecting from investment choices provided under the plan. You can change your investment choices anytime.
Accessing your money before retirement
When can money be withdrawn from my plan account?
Money can be withdrawn from the plan in these events: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 and federal restrictions and a 10% tax penalty may apply to early withdrawals. 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.
Can I withdraw money in case of financial hardship?
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.
If you feel you are facing a 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.
Can I borrow money from my account?
The plan is intended to help you put aside money for your retirement. However, Kansas City, Kansas Public Schools 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.
Loans can be taken from your salary deferrals only.
The minimum loan amount is $1,000.
All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.
You can have one loan outstanding at a time.
You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.
A $50.00 processing fee for all new loans and a $30.00 per year maintenance fee are charged to your account.
Defaulted loan amounts (not repaid on time) are taxed as ordinary income, and may be subject to a 10% federal tax penalty if you are under age 59½.
Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional.
Loan and Hardship Withdrawals:
Retirement Manager, a website to help you manage your accounts, 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 account. To initiate a hardship or loan request, 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) or 457(b) distribution paperwork.
Access the Retirement Manager website. Use your Social Security Number as your Login ID.
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.
- FOR 403(b) PLAN: View the entire list of funds and performance.
Note: 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.
RO2767020(03/2023)