Plan Features
Eligible Employees
All employees, but employees who normally work fewer than 20 hours per week or student-teachers or teacher’s aides (i.e., persons providing service on a temporary basis while attending a school, college or university) described in Code section 3121(b)(10) are not eligible to participate. Please note: An employee normally works fewer than 20 hours per week if, for the 12-month period beginning on the date the employee's employment commenced, the employer reasonably expects the employee to work fewer than 1,000 hours of service (as defined under Section 410(a) (3) (C) of the Code) and, for each plan year ending after the close of that 12-month period, the employee has worked fewer than 1,000 hours of service.
Employer Non-Elective Contributions
Available
Loans
Available; up to 50% of total account values, subject to availability and additional restrictions applied by individual vendors
Financial Hardship Distribution
Available; pursuant to Section 1.401(k)-1(d)(3)(iii)(B) of the Income Tax Regulations, subject to availability and additional restrictions applied by individual vendors
Transfers into Plan
(A transfer of assets from one employer’s 403(b) plan to another)
Available
Transfers Out of Plan
(A transfer of assets from one employer’s 403(b) plan to another)
Available
Service Based Catch-Up
(Permits eligible employees with a given number of years of service to contribute additional money to their 403(b) beyond their base limit. See form for details and limit amounts.)
Not Available
Rollover Contributions
(A contribution of a distribution from another plan (i.e. 401(k), 457, IRA))
Available
Contract Exchanges
(A change of investment within a 403(b) plan)
Available. Please note that the new investment provider must be participating in your Employer's 403(b) plan (see list above).
Distributions
(i.e. Separation from Service, Attainment of 59 ½ years of age, Permanent Disability, or Death)
Available