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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.

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Who is eligible?

All employees except those employees classified as Student Employees and Student Teachers are immediately eligible to begin making voluntary pretax contributions to the 403(b) Plan. Employees who are regular full-time exempt employees and regular full-time faculty are eligible to receive an employer matching contribution. 

Starting early has its advantages

Contributions

Employee contributions
You may stop, increase or decrease the amount you contribute to the plan as often as your employer allows.

Contribution Limit

Additional catch-up contributions 

Catch-up contributions

Employer contributions
Employees who are regular full-time exempt employees and regular full-time faculty are eligible to receive a dollar for dollar employer matching contribution up to a discretionary percentage of compensation determined by the employer each year.

Please consult your UAB Benefits representative or VALIC financial advisor for additional information.
 

Vesting

You are always 100% vested in your own contributions and employer matching contributions.

Accessing your money before retirement

Withdrawals

Money can be withdrawn from your 403(b) plan in these events:  

  • Retirement or separation from service  
  • Your death or total disability  
  • Hardship withdrawals  
  • On or after attainment of age 59½

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

VALIC offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your employer's plan provisions, your withdrawal options include: 

  • Receiving systematic withdrawals 
  • Taking a lump-sum distribution 
  • Choosing one of the many annuity options available from VALIC 
  • Deferring distributions until a later date (but no later than attainment of age 70½), allowing your account to continue to grow tax deferred

Please note that income taxes are payable upon withdrawal and federal restrictions and a 10% tax penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account. Also note that distributions where the employee retires or separates from service at or after age 55 are not subject to the 10% early withdrawal federal tax penalty.
 

Loans

Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Defaulted loan amounts will be taxed as ordinary income and may be subject to a 10% federal tax penalty if you are under age 59½.

An array of investment choices

The following funds are available in your retirement 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. 

FOR 403(b) PLAN: View the entire list of funds and performance.
  

Please keep in mind, all investments involve risk. Investment values will fluctuate and there is no assurance that the objective of any fund will be achieved. Mutual fund shares are redeemable at the then-current net asset value, which may be more or less than their original cost. 

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.