Skip to main content
Corebridge home

401(a) Social Security Replacement plan

Welcome to the Opelousas General Health System 401(a) Social Security Plan features. 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.

An excellent way to save for retirement

All employees are eligible with certain exceptions. Excluded employees include:  

  • Union employees
  • Non-resident aliens
  • Leased employees

Starting early has its advantages

Employee contributions

There is a mandatory contribution of an amount equal to 7.65% of your compensation.
 

Rollovers

This plan will accept rollovers from other pretax plans. However, rollovers of after-tax funds or from terminated participants will not be accepted.

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 your own contributions.  

Accessing your money before retirement

Withdrawals
This plan was established to replace the Social Security tax. Federal restrictions and a 10% federal early withdrawal penalty might apply to withdrawals prior to age 59½.

Generally, you can withdraw the value of your vested account balance in the following circumstances:

  • Retirement or severance from employment
  • Your death or total disability
  • Qualified birth or adoption withdrawal within one year from the date of birth or adoption (not subject to the 10% early withdrawal penalty)

In-service withdrawals

Amounts rolled over into this plan may be distributed at any time.

Involuntary distributions

If your service is terminated, immediate distribution of your vested interest in the plan may be made without your consent, regardless of the amount.

Distribution options

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

Generally, income taxes must be paid on all amounts you withdraw from your plan.

Consult your financial professional for more specific information.

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.

An array of investment choices

Create a customized investment mix from the variety of mutual funds made available by your employer. If you make no choice, your employer will invest your account in a default option.

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.

RO 2767020 (3/2023)