Skip to main content
Corebridge home

403(b) plan

Plan details

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.

Take advantage today

As an employee, you are eligible to elect to participate in the 403(b) plan if you are:

  • A regular employee employed one half time or more.
  • Any other employee expected to work 1000 hours or more in a year, but not including nonresident aliens as described in the Code, Section 410(b)(3)(c) nor students performing services described in the Code, Section 3121(b)(10).

You may elect to become a participant by completing an election agreement to reduce your compensation (and have that amount contributed as an Elective Deferral and/or Roth 403(b) Contributions) and filing it with the Plan Administrator.

Starting early has its advantages

Employee contributions

You may contribute as much as 100% of your annual includible compensation up to limit for that year. You may increase or decrease the amount you contribute to the plan as often as your employer allows. 

You have a choice regarding your elective contributions to your workplace 403(b) plan. 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.  

You may change your contributions amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer’s plan provisions. In the meantime, your account will continue to grow on a tax-deferred basis. 

2024 contribution limit

Your contribution limit for 2024 is $23,000.

Catch-up contributions

2024 catch - up contributions

> An additional $3,000 if you have 15 more years of service and have undercontributed in prior years, and 

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

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. Participants are 100% vested in the plan immediately upon commencing participation.

Accessing your money before retirement

Withdrawals

Money can be withdrawn from the plan in these events:

  • Your retirement 
  • Reached age 59½
  • Death 
  • Disability
  • Severance from employment 

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

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.

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 voluntary contributions. A hardship may include:

  • Purchase of a principal residence
  • College tuition and approved related expenses for you, your spouse, or dependents
  • Non-reimbursable medical and/or dental expenses for you, your spouse, or dependents
  • Payment to prevent eviction from or foreclosure on your principal residence

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

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.

Loans

The plan is intended to help you put aside money for your retirement. However, tax-free loans are available subject to plan rules and make it possible for you to access your account without permanently reducing your account balance. Loans are available on employee elective deferrals only. 

Please note that defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal early withdrawal penalty if you are 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

You decide how to invest your plan account. The following funds are available in your retirement plan. They 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. 

To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit www.corebridgefinancial.com/retirementservices or call 1.800.428.2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form Series UIT-194, UITG-194 and UITG-194P.

RO 2767020 (03/2023)