• Beneficiary Designation: The employee must designate a beneficiary for the distribution of retirement account balances upon their death by contacting Fidelity or TIAA. Online beneficiary designation is available. Any beneficiary may be selected with no spousal waiver required. If no beneficiary is selected the default for all plans is 100% spouse (if applicable) then 100% to estate. • Minimum Balance Provision at Termination: Upon termination of employment, if a participant’s account balance (excluding rollovers) is $1,000 or less, an automatic distribution will occur during the first quarter of the calendar year following the year of termination. 403(b) (pre-tax) and 403(b) Roth (after-tax) Voluntary Contribution Plan • Contribution Limits: For calendar year 2022, $20,500, or $27,000 if age 50+. There are no maximum salary limits on participation in a 403(b) (pre-tax) or 403(b) Roth (after-tax). • Maximum Contribution: The sum of all 403(b) pre-tax and 403(b) Roth (after-tax) contributions, across all employers in a calendar year, including the University of Cincinnati and any other employers, may not exceed the IRS annual limits listed above. It is the responsibility of the employee to coordinate their contribution limits among all employers in a calendar year. • Election Changes: The participant has the right to change or terminate elected contributions at any time for both 403(b) (pre-tax) and 403(b) Roth (after-tax). Participant must follow the administrative procedures established by the employer at the time to change elections. • Investment Provider: 403(b) (pre-tax) and/or 403(b) Roth (after-tax) contributions are to the same investment provider (Fidelity or TIAA) the participant has selected for their 401(a) Defined Contribution Plan contributions. Quarterly administrative fees will apply and are subject to change. • Direct Employee Contributions: Employees are permitted to deposit in the UC Physicians 403(b) plan distributions the employee has received from other plans and certain IRAs, provided such distributions are legally qualified to be rolled over into the Plan. Your rollover will be placed in a separate account called a “rollover account”.
• Vesting: Employees are 100% vested in all contributions (employee and rollover).
• Beneficiary Designation: The employee must designate a beneficiary for the distribution of retirement account balances upon their death by contacting Fidelity or TIAA. Online beneficiary designation is available. Any beneficiary may be selected with no spousal waiver required. If no beneficiary is selected, the default for all plans is 100% spouse (if applicable) then 100% to estate. • Hardship withdrawals: Permitted within the 403(b) (pre-tax), but not the 403(b) Roth (after-tax). Loans are not allowed. UC Physicians processes hardship withdrawals for employees that have selected Fidelity as their investment provider. TIAA processes hardship withdrawals directly for employees that have selected TIAA as their investment provider. • Roth Contributions: The 403(b) Roth (after-tax) account is separate from the 401(a) or 403(b) (pre-tax) plan. Once an employee has elected a 403(b) Roth (after-tax) contribution, they may change or terminate their contribution amount at any time. However, the contributions in their 403(b) Roth account cannot later be changed to 403(b) pre-tax contributions. The 403(b) Roth requires a 5-taxable- year period of participation. Upon distribution, earnings may be entirely tax free and penalty free if the 5-year participation is met and the participant
Revised 09/23/2022
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