403(b) Retirement Plan

To schedule an appointment with either Mark Roberts or Maura Esten, Corebridge Financial advisors, click HERE.

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 College contributions will be subject to a graded 20% vesting schedule per year, up to 100% after five years. At this time, the discretionary contributions of the College are a match arrangement. We encourage all employees to contribute and take advantage of the College’s match arrangement.

• Employees hired prior to July 1, 2018, will be automatically grandfathered and are 100% vested after completing the required one year of service for eligibility.
• The graded vesting schedule means a newly hired employee will become vested 20% each year for the College contributions and is fully vested after five years in the retirement plan (after the 6th year of employment). All employee contributions are owned by the employee and automatically vested.

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 program is easier to participate in with a streamlined selection of over 20 best-in-class mutual fund options and a fixed interest option to maximize your investment diversification
• A wide array of investments from some of the most trusted mutual fund companies
• An after-tax Roth 403(b) account for those looking for a diversified tax strategy in retirement
• Competitively priced mutual funds that will represent a reduction in your cost to invest
• Personal, face-to-face services with a financial planning expert who provides investment education and guidance
• Secure account access 24 hours a day, seven days a week through Corebridge Financial and automated touch tone telephone service including a speech recognition option
• ePrint^SM, a website that Corebridge Financial has created for the mutual fund platform providing detailed information on funds, enrollment guides and forms related to the new Plan
• Enhanced quarterly statements with your complete account summary and investments

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:

• Online enrollment
• Access to important forms, fund information and performance
• Easy to use calculators, financial planning and budgeting tools
• Videos focused on important life events and how to be financial prepared

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.

Annual Notice Regarding the Saint Joseph’s College Retirement Plan 403(b)

The provisions below apply to the Plan for the Plan Year beginning January 1, 2024.  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.

• Annual Plan Notice
• Annual Auto Deferral Notice
• Participant Fee Disclosure Notice
• Qualified Default Investment Alternative (QDIA) Notice

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
Email:  hjacques@sjcme.edu
Phone:  207-893-7756