403(b) match plan
Welcome to your 403(b) match 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
You are immediately eligible to participate in the plan. Certain classes of employees who are not eligible to participate in this plan include:
- Non-resident aliens with no U.S. earned income
- Students Employees
- Employees not classified as benefited Employees
- Employees under an employment contract which precludes participation in the plan
There is no age or service requirement for eligible employees to participate in the plan.
Employer contributions
The plan provides for Washington Township Healthcare District Employer Matching Contributions Plan to make contributions to all benefited participants who complete 1,000 hours of service for the plan year. Washington Township Healthcare District will make matching contributions of $1 for each $1 the benefited participant contributes not to exceed 1.50% of compensation earned.
Stop/change contributions
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to plan provisions and any administrative requirements. In the meantime, your account will continue to grow on a tax-deferred basis.
Vesting
Vesting is a participant’s right of ownership to the money in his or her plan account.
You are always 100% vested in all contributions to your account. Vesting in the employer’s contribution is as follows:
| Years of Vesting Service | Vesting percentage |
| Less than 1 | 0% |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 or more | 100% |
Participants must perform at least one (1) hour of service on or after the first day of the 2002 plan year to be eligible for this vesting schedule. If you terminate prior to meeting this requirement, the employer-matching contributions you may receive are subject to a previous vesting schedule. In order for participants to be credited with a Year of Vesting Service they need to work at least 1,000 hours during the Plan Year. Check with your Benefits Administrator for more details.
Accessing your money before retirement
Withdrawal restrictions
A 20% annual withdrawal is allowed from the Fixed-Interest Option* with no withdrawal charge. There are no transfer or withdrawal restrictions if one of the following conditions is met:
- Annuity payout option is selected
- Your death
- Total and permanent disability
- Retirement or separation from service from the employer who sponsors your plan
- Elect to transfer a portion of the account value to a companion account for a loan
This restriction includes money transferred to mutual funds or to another provider.
* Policy Form GFA-504, a group fixed allocated annuity issued by The Variable Annuity Life Insurance Company, Houston, Texas.
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
Withdrawal restrictions may be different for employer contribution accounts.
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
If you feel you are facing financial hardship, you should see your financial professional for more details.
Distribution options
Corebridge offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your 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 from Corebridge
- Deferring distributions until the later of age 73 (age 72 if you were born after June 30, 1949 and before January 1, 1951 & age 70½ if you were born before July 1, 1949) or severance of employment, and allowing your account to continue to grow on a tax-deferred basis.
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.
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.
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. The plan is intended to help you put aside money for your retirement. However, Washington Township Healthcare District Employer Matching Contributions Plan 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. Loans may be for a period of not less than 12 months.
- A $50.00 processing fee for all new loans and a $50.00 per year loan maintenance fee are charged to your account.
An array of investment choices
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 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 3388947 (1/2024)