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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.

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Employee contributions

All employees of the Law School are eligible to participate in elective deferrals on his or her date of hire, provided a salary reduction agreement has been received by the Plan Administrator prior to the start of the payroll period, with the exception of the following individuals:

  • Nonresident aliens who have no earned income from sources in the United States

  • Employees who normally work less than 20 hours per week (including adjunct faculty)

  • Employees who are enrolled as students and regularly attending classes offered by the Law School

  • Leased employees

Employer contributions

Eligible employees participate in the plan for purposes of the Law School contribution on the first day of the first full month of employment except the following individuals:

  • Nonresident aliens who have no earned income from sources in the United States

  • Employees who normally work less than 20 hours per week (including adjunct faculty)

  • Employees who are enrolled as students and regularly attending classes offered by the Law School

  • Leased employees

Starting early has its advantages

Employee contributions

Your 403(b) plan allows you to make pretax contributions up to the maximum allowed by the Internal Revenue Code. 

Contribution limits

Catch-up contributions

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

Catch-up contributions

Employer contributions

In addition to depositing your elective deferrals, the Law School may contribute nonelective contributions. 

A nonelective contribution is a contribution that is unrelated to whether you make any elective deferrals in the year. The Law School will make the following nonelective contribution:

 

  • If you were hired on or before June 30, 1993, the Law School’s nonelective contribution is 11% of your compensation for the year
  • If you were hired on or after July 1, 1993, the Law School’s nonelective contribution is 9% of your compensation for the year

Vesting

A participant’s right of ownership to the money in his or her plan account. You are always 100% vested in employee and employer contributions, plus any earnings they generate.

Accessing your money before retirement

Withdrawals

Money can be withdrawn from the plan in these events:

  • Retirement

  • Attaining age 59½ (elective deferrals only)

  • Death

  • Disability

  • Severance from employment

Please note that income taxes are payable upon withdrawal and federal restrictions and a 10% federal tax 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. 

Subject to the terms of the contract, a participant may withdraw employee contributions from their account at any time after attaining age 59½, regardless of whether the participant has terminated employment. Any such withdrawal is subject to the notice and spousal consent requirements regarding the availability of a joint and survivor annuity.

 

Loans

The Albany Law School Plan allows two outstanding loans at any time. See Summary Plan Description for details.
 

The loan provision makes it possible for you to access your account without permanently reducing your account balance. However, defaulted loan amounts will be taxed as ordinary income and might be subject to a 10% federal tax penalty if you are under age 59½.

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 obtain a Portfolio Director contract and underlying fund prospectuses, visit www.aigrs.com or call 1-800-428-2542 (press 1, then 3). The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectuses carefully investing or sending money. Applicable to Portfolio Director Fixed and Variable Policy Form series UIT-194, UITG-194 and UITG 194P.