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403(b) plan

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.

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Employee and Roth contributions

You may be eligible to participate in the employee deferrals, both pretax and Roth after-tax, portions of this plan immediately. The plan does not allow participation in the employee deferrals, both pretax or Roth after-tax portions of the plan by: 

  • certain students
  • employees covered by a collective bargaining agreement
  • employees who are eligible to make contributions to another 401(k), 403(b) or 457 plan with this employer

Employer contributions

Generally, participation in the employer contributions portion of the plan is open to all full-time and pro-rata employees, except the following employees: 

  • certain students
  • employees covered by a collective bargaining agreement
  • employees who are eligible to make contributions to another 401(k), 403(b) or 457 plan with this employer
  • leased employees
  • employees who are classified as Priests, Adjunct Faculty members
  • temporary or seasonal employees and Sisters who are members of a religious order that requires a vow of poverty

Starting early has its advantages

Employee and Roth contributions

Through payroll deduction, your plan allows you to make pretax contributions up to the maximum Internal Revenue Service limit for the year. 

2024 contribution limit

Your contribution limit for 2024 is $23,000.

In addition to your traditional pretax account, your plan offers a Roth after-tax option. 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. 

Your combined pretax and Roth after-tax contributions may not exceed the contribution limit for the year.  

If you have an existing qualified retirement plan (pretax), 403(b) tax-deferred arrangement account, a Roth after-tax account with a prior employer or a traditional IRA account, 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.

Catch-up contributions

Your plan allows you to contribute additional catch-up contributions. Contact your financial professional for more information. 

2024 catch - up contributions

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

Stop or change contributions

You may stop or change your contributions by logging in and accessing your retirement account. 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.

Employer contributions

For eligible employees, the plan provides for Saint Joseph’s College to make a matching contribution in an amount equal to a percentage of your eligible compensation.  Your employer has the discretion to vary the contribution rate in future plan years.

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, employer contributions, and rollover contributions, plus any earnings they generate.

Withdrawals

Withdrawals are available from your elective contributions (employee pre-tax and Roth after-tax) prior to separation from service once you reach age 59½ or in the event of an approved hardship.

Once you separate from service from Saint Joseph’s College, you may request a withdrawal from your elective contributions (employee pre-tax and Roth after-tax) at any time.  Additionally, you may request a withdrawal from the vested portion of your employer contributions.

For Roth contributions, in-service withdrawals are allowed.

Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may apply if taken before age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan account.

Qualified withdrawals from Roth accounts

Qualified withdrawals from a Roth account are tax-free. Generally, a qualified Roth withdrawal is after

  • the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, andin which a Roth contribution was made to the plan, and
  • attainment of age 59½, death or disability.

Hardship withdrawals

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your deferral account. The deferral account includes pretax or Roth. 

If you feel you are facing financial hardship, you should see your financial professional for more details. 

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

The plan is intended to help you put aside money for your retirement. However, Saint Joseph's College has included a plan feature that enables you to access money from the plan.

  • The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.
  • The minimum loan amount is $1,000.
  • All loans must generally be repaid within five years. A longer term of 15 years may be available if the loan is to be used to purchase your principal residence.
  • You can have two loans outstanding at a time.
  • You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.
  • Loans must be repaid at least quarterly via ACH debit from your checking account. 
  • A $50 processing fee for all new loans and a $50 per year loan maintenance fee are charged to your account. 

If a participant defaults in making any payment of principal or interest when due, the loan will be treated as a taxable deemed distributed to the participant as required by law. A limited grace period under IRS regulations may be available in which default may be cured by making up the late payments if permitted by the plan administrator. 

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal early withdrawal penalty if the employee is under age 59½.

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. 

An array of investment choices

Available funds & performance

The following mutual funds and the Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to help create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.  

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.

Fixed-interest transfer restrictions

Generally, you 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. 

Administrative charges

No administrative charge will be applied to this plan. Annual Operating Expenses apply to each fund and are described in the fund prospectus for each fund.

RO 2767020 (03/2023)