Saint Joseph’s College offers an IRS Section 403(b) defined contribution retirement plan to regular full-time employees. The College discretionary contribution begins after a one-year waiting period of full-time employment. The College has instituted an auto-enrollment deduction for new regular full-time benefit-eligible employees. This auto-enrollment is the equivalent of 3% of the employee’s regular salary. In addition, unless specifically designated otherwise, the auto-enrollment deduction rate will automatically escalate by 1% each Plan Year (beginning with the second full year following the year that automatic deferrals to the Plan begin). Employees always have the right to change their auto-enrollment deduction rate and also the right to tell Corebridge Financial to stop increasing the auto-enrollment deduction rate. Unless directed otherwise, Corebridge Financial will continue to increase the auto-enrollment deduction rate until it reaches a maximum of 15%. Discretionary employer contributions will be subject to a graded 20% vesting schedule per year, up to 100% after five years.
Individual participation beyond the auto-enrollment amount is voluntary and available to all employees at any time. The amount that an employee may choose to contribute individually is subject to a maximum exclusion allowance calculation pursuant to IRS guidelines (www.irs.gov). Saint Joseph’s College is on a low cost mutual fund platform with Corebridge Financial. For more than half a century, Corebridge Financial has served as a leading retirement plan provider for healthcare, higher education, K-12 schools and school districts, government and other not-for-profit institutions. Corebridge Financial will be providing plan participants several enhancements that will improve the investment options and services for our 403(b) Retirement Savings Plan. Some of the benefits of the plan include:
The Saint Joseph’s College Retirement Plan website is now live. We encourage you to visit Corebridge Financial/SJCME to learn more about planning for a secure future in your retirement. Just some of the exciting new features of this site include:
Saint Joseph’s College is dedicated to helping you prepare for the retirement you deserve. If you are eligible, and are interested in taking the first step towards a more secure future, we understand that not every individual prefers to communicate the same way so we offer several options. Online enrollment at Corebridge Financial/SJCME is an easy first step to preparing for your retirement. Should you need some guidance through the enrollment process, detailed instructions are available under RESOURCES. Corebridge Financial also offers over the phone services with the Client Care Center at (888) 448-2542; on your phone or tablet with the Corebridge Financial app; in print with your customized statements; or in-person with a one-on-one appointment with Financial Advisors Mark Roberts or Maura Esten. To schedule an appointment with Mark or Maura, click HERE.
The provisions below apply to the Plan for the Plan Year beginning January 1, 2023. These are important notices regarding the Saint Joseph’s College Retirement Plan through Corebridge Financial. These notices are required to be distributed each year, but no action is required on your part.
You can obtain further information about the Plan’s investment alternatives by contacting the Plan Administrator at:
Saint Joseph’s College
Heidi Jacques, Plan Administrator
Address: 278 Whites Bridge Road
Standish, ME 04084
Online Enrollment Instructions
Leave a Comment
You must be logged in to post a comment.