Take advantage today

You are immediately eligible to participate in the 403(b) retirement plan.

Starting early has its advantages

Employee contributions

You may contribute as much as 100% of your annual includible compensation up to the maximum IRS contribution limit. 

2022 contribution limit

Your contribution limit for 2022 is $20,500.

Catch-up contributions

You might be eligible to contribute additional catch-up amounts if you meet the following conditions.

2022 catch - up contributions

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

> An additional $6,500 if you are age 50 or older.

Vesting

You are always 100% vested in your own contributions.

Accessing your money 

Withdrawals

Money can be withdrawn from your 403(b) plan in these events:

  • Attaining age 59½ (employee contributions only)
  • Retirement or separation from service (distributions where the employee retires or separates from service on or after age 55 are not subject to the 10% early withdrawal federal tax penalty)
  • Your death or total disability
  • Hardship withdrawals (employee contributions only)

In addition, you must begin taking distributions once you reach age 72 (age 70½ if born before July 1, 1949) or you retire, whichever is later.

Bear in mind that income taxes are payable upon withdrawal. Generally, an IRS 10% tax penalty will apply to withdrawals made before age 59½, unless an exception applies (such as you become disabled, die or retire after attaining age 55.)

Important considerations before deciding to move funds either into or out of an AIG 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.

Loans

Loans are not allowed from this plan.