What is the 403 (b) retirement plan, and how do I take advantage of it?
Baptist Health’s 403(b) Plan allows you to set aside additional money for retirement and have the flexibility of directing your own investments.
You can invest your contributions in a fixed account and/or a variable account with over 60 underlying investment options from 13 of America’s leading money managers. (Your principal and earnings will fluctuate with the market value of the underlying investments.)
The 403 (b) Plan, like other tax-qualified retirement savings plans, allows you to defer state and federal taxes on the contributions and gains made to the Plan until the money is withdrawn from the Plan at retirement.
The ROTH 403(b) Plan, allows you to contribute after-tax contributions to the Plan, defer state and federal taxes on the account growth, and benefit from tax free withdrawals at retirement.
Most Frequently Asked Questions:
When can I begin to contribute to the Program?
Employees may contribute immediately upon employment.
Can I put money, other than salary deferrals, into the Program?
The only contributions that can be made to the Program are salary
deferrals and transfers from other tax-qualified retirement programs.
How much can I contribute to the Program?
For the calendar year of 2008, employees may contribute up to $15,500.
If you are over 50 years of age, you may contribute an additional $5,000.
When am I vested in my account?
All of your contributions to the 403(b) Program are 100% vested.
Can I change the amount of my contribution?
Contributions can be changed at any time by contacting Human Resources
or Hagan Newkirk.
The 403(b) Program is provided through Hagan Newkirk Financial Services, who utilizes Variable Annuity Life Insurance Company (VALIC) as the plan provider.
Contact Hagan Newkirk for more information at 501-823-4637.
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