rollover contributions during employment. 403(b) (pre-tax) accounts are subject to minimum distribution requirements at age 70 ½ or at retirement, if later. • If a participant does not meet the distribution requirements for 403(b) (pre-tax) and 403(b) Roth (after- tax) accounts they may be subject to the 10% penalty. • If a 403(b) (pre-tax) contribution is not elected, the default is an automatic 4.5% contribution to the Fidelity Freedom Fund. This amount may be changed or terminated at any time. • In the event no investment funds are selected for the 403(b) (pre-tax) and/or 403(b) Roth (after-tax), the default is a Fidelity Freedom Fund or TIAA Lifecycle Fund. • There are no administrative fees applied to 403(b) pre-tax or 403(b) Roth after-tax accounts. • At termination of employment you are eligible to elect a distribution of your funds. If your account balance (excluding rollovers) is $1,000 or less per retirement vendor and plan account, an automatic distribution will occur during the first quarter following the year of termination. 403(b) Wrap Plan • This plan was established to define the relationship of the 403(b) plans originally established under the individual practice corporations, prior to all practices becoming UC Physicians. Current UC Physician employees are not considered terminated from their previous employment under their practice corporation. • Employee 403(b) plan contributions under their practice corporation may be rolled over to the UC Physicians 403(b) Plan with only Fidelity or TIAA. They may not rollover their 403(b) plan to an IRA. Again, they are not terminated from employment from their practice corporation. The practice corporations are part of the UC Physicians organization.
Retirement 1 1
Revised 2/11/2020
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