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403(b) plan

Welcome to your 403(b) retirement plan. Click below to view the features and highlights of your employer’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 control.

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Who is eligible? 

You are immediately eligible to begin contributing to either the 403(b) or 457(b) or both plans.

Starting early has its advantages

Employee contributions

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 as often as your employer allows. 

You have a choice regarding your elective contributions to your workplace 403(b) plan. 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 below.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Additional catch-up contributions

You might be eligible to contribute up to an additional 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/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. In the meantime, your account will continue to grow on a tax-deferred basis. Under a 457(b) plan, an election start, change or stop contributions will become effective no sooner than the first pay period of the month following the date the election is made. Please allow one month's notice for processing.

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

You are always 100% vested in your own contributions.

Accessing your money before retirement

Withdrawals

A 403(b) plan has less stringent withdrawal restrictions while you are employed; however, a 10% federal tax penalty can apply to withdrawals prior to age 59½. The 10% federal tax penalty on early withdrawals may also apply to amounts rolled into the 457(b) plan from non-457(b) plans. 

Money can be withdrawn from your 403(b) plan in these events:

  • Attaining age 59½ (employer contributions must be 100% vested)
  • Retirement or separation from service (distributions where the employee retires or separates from service on or after age 55 are not subject to the 10% early withdrawal federal tax penalty).
  • Your death or total disability
  • Hardship withdrawals (employee contributions only)

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.

Bear in mind that income taxes are payable upon withdrawal. 

Corebridge Retirement Services offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your employer’s plan provisions, your withdrawal options include:

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

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal tax penalty for early withdrawal may apply to distributions taken prior to attainment of age 59½ from accounts other than those in the 457(b) plan. 

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that is made five tax years or more following the date the first Roth contribution was made to the plan and is made after attainment of age 59½, death, or disability.

Loans

Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal tax penalty if you are under age 59½. The tax penalty does not apply to 457(b) plan accounts. Loans are available on employee elective deferrals only.

An array of investment choices

All contributions to your plan will be invested in the Portfolio Director® Fixed and Variable Annuity (Portfolio Director). You can invest in one or a mix of up to 20 options at a time. And with Portfolio Director, you have the freedom to transfer money among the variable and fixed options without charges or tax consequences, subject to certain limitations as detailed in your prospectus. Fixed options can restrict when and how much you can transfer to other investments and how much you may withdraw from the plan in a single year. Remember that annuities are long-term investments, and the value of the variable options you choose will fluctuate so that your investment values might be worth more or less than the original cost.
 


To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit corebridgefinancial.com/retirementservices or call 1.800.428.2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form Series UIT-194, UITG-194 and UITG-194P.

RO 2767020 (3/2023)