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.
Participation in the plan is open to all eligible employees on a voluntary basis. The plan does not allow participation by employees who normally work less than 20 hours per week. You can join the plan immediately upon the date of employment.
Through payroll deduction, your plan allows you to make pretax and Roth after-tax contributions up to the maximum IRS contribution limit.
If you have an existing qualified retirement plan (pretax), qualified retirement plan (Roth after-tax), 403(b) tax-deferred arrangement, deferred compensation plan or nonprofit plan account with a prior employer or hold a traditional IRA account, you can transfer or roll over that account into the plan anytime.
You may be able to contribute additional catch-up contributions if you meet the following conditions.
You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan.
You can increase or decrease the amount of your contributions anytime.
Vesting is a participant’s right of ownership to the money in his or her plan account.
You are always 100% vested in employee contributions, catch-up contributions, employer contributions and rollover contributions, plus any earnings they generate.
The plan was established to encourage long-term savings, so withdrawals prior to age 59½ might be subject to federal restrictions and a 10% federal tax penalty.
Money can be withdrawn from the plan in these events:
Income taxes are payable upon withdrawal and federal restrictions and a 10% federal tax penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
There is a withdrawal permitted for being ordered or called for active duty for more than 179 days or an indefinite period. Rollover account may be withdrawn at any time.
If you have an immediate financial need created by severe hardship and the distribution is necessary to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:
Should you decide to take a hardship withdrawal, contributions to the 403(b) plan and 457(b) plan will be stopped for six months.
If you feel you are facing a financial hardship, you should see your financial professional for more details.
Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. Refer to the Summary Plan Description for more details about this participant loan feature.
The plan is intended to help you put aside money for your retirement. However, the School District of Philadelphia has included a plan feature that enables you to access money from the plan. All loans may be repaid over time.
If a participant defaults in making any payment of principal or interest when due, or within any grace period permitted at the discretion of the Plan Administrator, the loan will be treated as a taxable deemed distribution to the participant as required by law.
Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal early withdrawal penalty if the employee is 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.
The following mutual funds and the Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to help 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.