For a 403(b), if you leave HCPSS employment at age 55 or older, or at age 59 ½ regardless of HCPSS employments status, qualified withdrawals are taxed as ordinary income. There is a 10% penalty for early withdrawal.

For a 457(b), when you leave HCPSS employment, regardless of age, qualified withdrawals are taxed as ordinary income.

(Note: Qualified withdrawals can be a hardship withdrawal or a loan request.)

Yes, please contact the HCPSS Benefits Office for details. Call (410) 313-7333 and select option 1 or email benefits@hcpss.org.

For 403(b) and 457(b) accounts, yes, you may change your withdrawal option, amount, or frequency once you start your payout, excluding purchased annuities. Contact your provider for more information.

Yes, you may withdraw money from your 403(b) while you are still employed, but only if you are 59 ½ or older, or qualify for a hardship withdrawal requests. There is a 10% penalty for early withdrawal.

Yes, you may withdraw money from your 457(b) while you are still employed, but only if you are 59 ½ or older or qualify for an unforeseeable emergency.
Requests for unforeseeable emergencies are administered by Nationwide.

Yes, rollovers from 401(k) plans, other 403(b) plans, 457(b) plans, and traditional Individual Retirement Accounts (IRAs) are allowed.

To find out the cost of participating in a 403(b), contact your 403(b) company for details. Be sure to ask about commissions, management and administrative fees, 12b-1 fees, mortality and expense charges, and surrender charges. HCPSS does not receive any money for providing this retirement benefit.

No, 403(b) and 457(b) contribution changes can be made at any time.

You may make changes as often as needed. Changes must be made
directly through Workday.

There is a "catch up" provision for the 403(b) plan. Employees who will be age 50 or older in 2024 may contribute up to an additional $7,500 for a total of
$30,500 in calendar year 2023. Contact your 403(b) provider for additional details.

For 457(b) plans, the “Age 50 Catch-up” provision allows employees age 50 or older to contribute up to an additional $7,500, for a total of $30,500 in calendar year 2024.