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: Not permitted for the 403(b) After-Tax contributions.
• Distributions: 403(b) After-Tax distributions are eligible at termination of employment or age 59 ½ or older. Current employees age 59½ or older are eligible to withdraw funds from their accounts while working for UC Physicians. An employee is also eligible to withdraw a portion or all rollover contributions during employment. 403(b) After-Tax accounts are subject to minimum distribution requirements at age 70 ½ or at retirement, if later. • Early Withdrawal Penalty: If a participant does not meet the distribution requirements for 403(b) After-Tax accounts, they may be subject to the 10% penalty. • Default Fund Selection: In the event no investment funds are selected for the 403(b) After-Tax, the default is a Fidelity Freedom Fund. The fund chosen will be based on the employee’s age with an expected retirement date at age 65. • 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.
457(b) Voluntary Pretax Contribution Plan • Contribution Limits: For calendar year 2022, $20,500, or $27,000 if age 50+.
• Election Changes: The employee has the right to terminate or change 457(b) contributions at any time.
• Maximum Contribution: The sum of all 457(b) contributions, across all employers in a calendar year, including the University of Cincinnati and any other employers, may not exceed the IRS annual limit. It is the responsibility of the employee to coordinate their contribution limits among all employers in a calendar year. • Investment Provider: 457(b) contributions are to the same investment provider as 401(a) contributions (Fidelity or TIAA). Quarterly administrative fees will apply and are subject to change. • Default Fund Selection: In the event no investment funds are selected, the default is a Fidelity Freedom Fund or TIAA Lifecycle Fund. The fund chosen will be based on the employee’s age with an expected retirement date at age 65. • Distributions: The participant is eligible for the distribution of funds only at termination of employment. The 10% early distribution penalty will generally not apply. • Beneficiary Designation: the employee must designate a beneficiary for the distribution of retirement account balances upon their death by contacting Fidelity or TIAA or making a designation online. 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: Not permitted. Loans and in-service withdrawals are also not permitted.
Revised 09/23/2022
Made with FlippingBook - Online Brochure Maker