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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.

Take advantage today

All eligible employees can make pretax contributions to the plan immediately.

Starting early has its advantages

Contributions

Employee contributions

Generally, you may contribute as much as 100% of your annual includible compensation up to the contribution limit. You may increase or decrease the amount you contribute to the plan as often as your employer allows. 

Contribution Limit
Catch-up contributions

Stop/change contributions

You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer’s plan provisions. In the meantime, your account will continue to grow on a tax-deferred basis. Please allow one month’s notice for processing.


Vesting

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 and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Withdrawals

Your 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. 

Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements: 

  • Attaining age 59½

  • Retirement or separation from service

  • Your death or total disability

  • Hardship

The following are events upon which you may withdraw vested amounts without incurring a 10% federal tax penalty:

  • Attaining age 59½

  • Separation from service on or after age 55

  • Your death or total disability

  • Taking substantially equal payments after separation from service for a period of five years or attainment of age 59½, whichever is later.

In addition, you must begin taking distributions once you reach age 70½ or you retire, whichever is later. 
 

Hardship distributions

In certain instances, your plan may allow for hardship distributions. 

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. If you receive a distribution due to a financial hardship, your plan will require you to stop voluntary salary deferrals to all available plans for six months or more and limit your deferrals in the following calendar year.  Your matching contributions will also cease. If you feel you are facing a financial hardship, you should see your financial advisor for more details. 
 

Loans

The plan is intended to help you put aside money for your retirement.  However, the Idaho State Board of Education has included a plan feature that enables you to access money from your retirement plan.  

  • The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.

  • All loans must generally be repaid with five years.

  • The minimum loan amount is $1,000.

  • All loans must generally be repaid within five years.

  • A $50.00 processing fee for all new loans and a $50.000 per year loan maintenance fee are charged to your account.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are 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 advisor. 

An array of investment choices

You decide how to invest all contributions made by you or on your behalf in your retirement plan. 

The following funds are available in your 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 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.