403(b) plan
Plan details
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 today
Participation in the 403(b) plan is open to all employees.
There is no age or service requirement for eligible employees to participate in the plan. You can join the plan immediately upon the date of employment.
Starting early has its advantages
Employee contributions
Through payroll deduction, your plan allows you to make pretax contributions up to the contribution limit for that year.
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.
If you have an existing qualified retirement plan (pretax), 403(b) tax-deferred arrangement or deferred compensation plan 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.
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, plus any earnings they generate.
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Money can be withdrawn from the plan in these events: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 and federal restrictions and a 10% federal 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.
Loans
Loans are not permitted in this plan.
An array of investment choices
Available funds & performance
The following mutual funds are available in your New Mexico State University 403(b) retirement plan. They provide you with flexibility to create a diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
Fixed-interest option transfer or withdrawal restrictions
A 20% annual withdrawal is allowed from the Fixed-Interest Option* with no withdrawal charge. There are no transfer or withdrawal restrictions if one of the following conditions is met:
- Annuity payout option is selected
- Your death
- Total and permanent disability
- Withdrawal taken as a hardship under the terms of the employer plan
- Retirement or separation from service from the employer who sponsors your plan
- Elect to transfer a portion of the account value to a companion account for a loan
This restriction includes money transferred to mutual funds or to another provider.
* A VALIC group fixed allocated annuity contract (policy form GFA-504).
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)