Welcome to the website AIG Retirement Services has created especially for you, as an employee eligible to participate in the Tennessee Board of Regents 403(b) retirement plan. As a provider for your retirement plan, AIG Retirement Services is committed to providing personal service whenever and wherever it is convenient for you.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
You are immediately eligible to begin contributing to the plan.
Generally, you may contribute as much as 100% of your annual includible
compensation up to the maximum IRS contribution limit. You may increase or decrease the amount you contribute to the plan as often as your employer allows.
You may be eligible for catch-up contributions if you meet the following conditions:
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer’s plan provisions. In the meantime, your account will continue to grow on a tax-deferred basis. Please allow one month’s notice for processing.
You are always 100% vested in your own contributions.
Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ might be subject to federal restrictions and a 10% federal tax penalty.
Generally, depending on your employer’s plan provisions, you may withdraw your account balance if you meet one of the following requirements:
The following are some events upon which you may withdraw vested amounts without incurring a 10% federal tax penalty:
Federal law requires that you begin taking distributions once you reach age 70½ or retire from the employer sponsoring the plan, whichever is later.
Depending on your employer’s plan provisions, your withdrawal options include:
Generally, income taxes must be paid on all amounts you withdraw from your plan.
Consult your financial advisor for more specific information.