Skip to main content

Take advantage today

You are immediately eligible to make elective deferrals to the plan and may begin contributing to the plan upon enrollment.

Starting early has its advantages

Your Pretax or Roth 403(b) contributions 

You have a choice regarding your elective contributions. 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 previously.

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions

You may be eligible for catch-up contributions depending on your University's plan document. The catch-up contributions are as follows:

2024 catch - up contributions

An additional $7,500 if you are age 50 or older.


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 

Withdrawal restrictions

Your plan was established to encourage long-term savings, so plan-eligible withdrawals prior to age 59½ 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:

  • Reaching age 59½
  • Retirement or severance from employment
  • Your death or total disability

The following are events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:

  • Reaching age 59½
  • Severance from employment on or after age 55
  • Your death or total disability
  • Taking substantially equal payments for a period of five years or upon reaching age 59½, whichever is later

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.

Distribution options

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:

  • Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers
  • Electing systematic or partial withdrawals
  • Taking a lump-sum distribution
  • Choosing one of the many annuity options available
  • Deferring distributions until a later date, allowing your account to continue to grow tax-deferred (Required Minimum Distributions apply) 

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

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.

RO 2767020 (03/2023)