403(b) plan
Plan details
Welcome to the website Corebridge Retirement Services has created especially for you, as an eligible employee of the Mount Sinai Medical Center retirement plan.
Click below to view the current 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.
Take advantage today
Participation in the plan is open to all employees.
The plan does not allow participation in the employee contributions portion of the plan by employees who are leased employees.
The plan does not allow participation in the employer contributions portion of the plan by employees who are:
- Leased employees.
- Residents and employees of MS Home Care Corporation -- d/b/a Home Advantage Private
- Employees younger than age 18.
There is no service requirement for employees to contribute to the plan. There is a one-year service requirement to receive employer contributions.
You can join the plan and begin making pretax contributions on the first day of a payroll period.
Starting early has its advantages
Employee contributions
Through payroll deduction, your plan allows you to make pretax and/or Roth after-tax contributions up to the maximum allowed by the Internal Revenue Service.
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.
Catch-up contributions
You may be eligible for catch-up contributions if you meet the following:
Rollovers or transfers
If you have an existing 403(b) tax-deferred arrangement account with a prior employer, you can transfer or roll over that account into the plan on becoming a participant in the plan.
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.
Employer contributions
Your employer will contribute a matching contribution to your plan account as follows:
Vesting schedule
| Years of Service | Matching Contribution % | Elective Deferrals Matched |
|---|---|---|
| 0 - 14 | 50% | 6% |
| 15 or more | 75% | 4% |
Vesting
Vesting refers to your “ownership” of a benefit from the plan.
Employee Vesting
You are always 100% vested in employee contributions and rollover contributions plus any earnings they generate.
If you were hired on or before January 1, 2000, you are 100% vested in the Employer contributions.
If you were hired after January 1, 2000 and prior to January 1, 2002, the vesting schedule is as follows:
| Years of Service | Vested % |
| 0 - 4 | 0% |
| 5 | 100% |
If you were hired on or after January 1, 2002, the vesting schedule is as follows:
| Years of Service | Vested % |
| 0 - 2 | 0% |
| 3 | 100% |
Accessing your money before retirement
Withdrawals
Money can be withdrawn from the plan in these events:
- Retirement
- Death
- Severance from employment
Income taxes are payable upon withdrawal and federal withdrawal restrictions and a 10% federal tax penalty may apply to early withdrawals prior to age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan accounts.
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.
Loans
The plan is intended to help you put aside money for your retirement. However, Mt. Sinai Medical Center has included a plan feature that enables you to access money from the plan tax free without permanently reducing your account.
- The amount the plan can loan to you is limited by rules under the federal tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000 reduced by the highest outstanding loan balance over the past 12 months.
- 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 processing fee for all new loans and a $30 per year maintenance fee are charged to your account.
Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are under age 59½. Upon your termination from Mt. Sinai Medical Center, any outstanding loans you may have must be repaid in full within 30 days of your termination.
Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please contact your financial professional.
An array of investment choices
Available Fund and Performance
The mutual funds available in your 403(b) 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.
Click here to view the entire list of funds -- and their historical performance -- available to Mount Sinai Medical Center plan participants.
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 (3/2023)