Welcome to the Oklahoma City Community College retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
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.
Employee contributions
You are immediately eligible to participate in the plan and may begin contributing to the plan upon enrollment.
You may enroll online, by phone or with a financial professional.
Employer matching contributions
Employees classified as regular non-exempt have a 90-day wait period before becoming eligible to receive a matching contribution. Receiving the matching contribution begins the month following the 90-day expiration.
Employee contributions
Generally, you may contribute as much as 100% of your annual includible compensation up to the maximum IRS contribution limit. You may increase or decrease your contributions as often as your employer allows.
Employees classified as regular non-exempt have a 90-day wait period before becoming eligible to receive a matching contribution. Receiving the matching contribution begins the month following the 90-day expiration.
Catch-up contributions
You may be able to contribute:
Employer matching contributions
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 plan provisions and any administrative requirements. In the meantime, your account will continue to grow on a tax-deferred basis.
Vesting
Vesting is a participant’s right of ownership to the money in his or her plan account.
You are always 100% vested in your own contributions. Employer matching contributions to the plan, plus any earnings they generate, are also fully and immediately vested.
Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ if available may be subject to federal restrictions and a 10% federal early withdrawal tax penalty.
Generally, depending on plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:
Withdrawal restrictions may be different for employer contribution accounts.
The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:
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:
Your plan offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on plan provisions, your withdrawal options include:
Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty may apply to distributions taken prior to reaching age 59½.
Consult your financial professional for more specific information.
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.
Tax-free loans make it possible for you to access your account, subject to certain limitations, 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 early withdrawal tax penalty if you are under age 59½.
Performance
You decide how to invest all contributions among the mutual funds and the Fixed-Interest Option* offered under the 403(b) Plan for Employees of Oklahoma City Community College.
The wide array of mutual fund investment options 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.
* Policy Form series GFUA-315, a group fixed unallocated annuity issued by The Variable Annuity Life Insurance Company, Houston, Texas.
Remember, this plan represents a long-term investment. Investment values of the mutual funds you choose will fluctuate, and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than the original cost. Bear in mind that investing involves risk, including possible loss of principal.
Fixed-Interest Option
Generally, participants may transfer assets from the Fixed-Interest Option into equity options at any time and, after 90 days, from equity options into another fixed-income option such as a money market fund, a stable value fund or certain short-term bond funds, if such "competing options" are allowed in the plan.
Guided Portfolio Services®
Guided Portfolio Services (GPS) offers two approaches to help you achieve your retirement goals. One approach is for do-it-yourselfers. The other is great for those who prefer to have someone else do it for them. Both approaches deliver objective advice from independent financial expert, Morningstar Investment Management LLC, including how much to save, which investments to choose, and how much to invest in each.
GPS is offered through VALIC Financial Advisors, Inc. and is available for an additional fee. For more information, contact your local financial professional.
Administrative fee
The gross annual administrative fee assessed on mutual fund assets in the plan is 0.15%. This may be offset, in whole or in part, by reimbursement received from mutual fund companies. Additionally, mutual fund annual operating expenses apply based on the funds chosen. Mutual fund expenses and fund reimbursements are described in the prospectus.
Fee transparency
AIG Retirement Services provides fee transparency by outlining all revenue sources and plan fees in the Fee Disclosure document.
Fee equalization
Administrative fees for plan services if applicable are assessed to each participant in the plan. These fees are structured in proportion to each participant’s account balance so that expenses are equitably distributed among participants. This method of fee equalization includes revenue sharing from some mutual funds and reimburses the applicable portion to participants who are invested in those funds.
RO 2767020 (3/2023)
