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FICA

Plan details

Welcome to your FICA 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.

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FICA Alternative Plan 

Eligibility 

All part-time, seasonal and temporary employees of the Spring Branch Independent School District whose positions are not covered by TRS must participate in this plan. 

Starting early has its advantages

FICA Alternative Plan

Employee contributions

For each day that you remain a participant under this plan, you must contribute 7.5% of compensation.

Vesting

You are always 100% vested in your account in the FICA Alternative Plan.

Accessing your money before retirement

FICA Alternative Plan

Withdrawals

You may withdraw your funds upon the following events:

  • Separation from service

  • Death

Taxes are payable upon withdrawal and a 10% penalty may apply to withdrawals prior to age 59½. 

Early withdrawal penalty does not apply in certain circumstances such as:  

  • Attainment of age 59½.

  • Death or disability.

  • Separation from service at age 55 or older.

  • Substantially equal periodic payments over life expectancy taken for a period of 5 years or attainment of 59½, whichever is longer.

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.

In-service withdrawals

Under the following conditions, you may withdraw your funds prior to separation from service:

  • You are no longer eligible to participate in this plan.

  • The value of your account in this plan is not more than $5,000 and

  • You have not contributed to this section 457(b) plan for the two-year period ending on the date of this distribution.

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.

RO 2767020 (03/2023)