403(b) Plan

Below are the important features about the plan. This website is intended to be a summary of the plan provisions.  In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your financial professional.  

Eligibility

All Employees performing services for University Health are eligible to participate starting on the first day of the calendar month following commencement of employment.

Employee Contributions

Employee contributions under the Plan are made by participants through a pre-tax reduction in salary.  Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.

University Health will deduct your contributions from your paycheck (before income tax) and forward it to Voya on a regular basis. Your contributions are invested in your choice of any combination of the investment options available through the plan (see Investment Options for a complete list).  

Company Match Contributions

There is no employer match for the 403(b) Savings Plan.

Loans

Loans are not permitted.

Distributions allowed

Age 70 ½, severance from employment, hardship, withdrawal of rollover contribution amounts into the Plan, death disability or retirement.

You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options as well as mutual funds offered through a retirement plan before investing. The prospectuses/ prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.

Variable annuities and mutual funds offered under a retirement plan are long-term investments designed for retirement purposes. If withdrawals are taken prior to age 59 ½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. Money taken from the plan will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. An annuity does not provide any additional tax deferral benefit, as tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does provide other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.

For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to '88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 may not be paid or made available before a distributable event occurs. Such amounts may be distributed to a participant or if applicable, the beneficiary: upon the participant's severance from employment or upon the occurrence of an event, such as after a fixed number of years, the attainment of a stated age, or disability.