The 403(b) provides flexibility to workers, so you can choose the best deferral method for your individual financial situation - pre-tax contributions offer lower taxable income today, while the Roth option allows you to have tax-free income in retirement.
Retirement Connection, a specialized retirement tool for our members, allows you to view your projected benefits, estimate your retirement income and expenses, and create retirement models to see how different decisions affect your retirement income.
At age 59 ½ workers can choose systematic payments from their CRSP 403(b) account or a lump-sum distribution. Distributions are also available upon separation from service. Cash distribution taken prior to age 59 ½ may be subject to penalties. Active workers may be eligible to take a loan out on their 403(b) account, for details call Fidelity at 800-343-0860.
Eligible funds may be rolled over into an IRA or other qualified retirement savings plan. Funds may be rolled over into the CRP (pension): At the time of retirement, a worker may be eligible to convert his or her eligible 403(b) account balance into a monthly annuity from the pension. For more information on this option, log into Retirement Connection through your portal.
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403(b) Questions? The CRSP Enrollment Guide has the answers. This guide provides workers with plan details and additional information on the investment funds. Be sure to take the time to review this important document.