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403(b) plan

An excellent way to save for retirement

Welcome to the website AIG Retirement Services has created especially for you, as an employee eligible to participate in the Alexandria City Public Schools 403(b) Plan. As a provider for your 403(b) 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.

Take advantage today

You are immediately eligible to participate in the 403(b) plan.

Starting early has its advantages

Employee contributions

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.

Contribution limit

Catch-up contributions

You might be eligible to contribute additional catch-up contributions if you meet the following conditions:

Catch-up contributions

Stop/change contributions

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 and any administrative requirements. In the meantime, your account will continue to grow on a tax deferred basis.


You are always 100% vested in your own contributions.

Accessing your money before retirement


Your plan was established to encourage long-term savings.

A 403(b) plan has less stringent withdrawal restrictions while you are employed; however, a 10% federal early withdrawal penalty can apply to withdrawals prior to age 59½.

Below are the distribution events for your 403(b) plan:

  • Attaining age 59½

  • Retirement or separation from service*

  • Your death or total disability

  • Hardship withdrawals

Minimum distribution required at attaining age 72 (age 70½ if born before July 1, 1949) or upon retirement, whichever is later.

Bear in mind that income taxes are payable upon withdrawal.

* Distributions where the employee retires or separates from service on or after age 55 are not subject to the 10% early withdrawal federal tax penalty.

Distribution options

AIG Retirement Services offers many distribution options, allowing you to tailor your benefits to meet our individual needs. Depending on your employer’s plan provisions, your withdrawal options include: 

  • Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts rollovers
  • Receiving systematic withdrawals
  • Taking a lump-sum distribution
  • Choosing one of the many annuity options available
  • Deferring distributions until a later date (but no later than attainment of age 72, age 70½ if born before July 1, 1949) if you are no longer working for the employer sponsoringthe plan, allowing your account to continue to grow tax deferred.

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal penalty may apply to distributions taken prior to attainment of age 59½ from accounts.

Consult your financial professional for more specific information.


Tax-free loans make it possible for you to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal early withdrawal penalty if you are under age 59½.

An array of investment choices

All contributions to your plan will be invested in the Portfolio Director Fixed and Variable Annuity (Portfolio Director). You can invest in one or a mix of up to 20 investment options at a time. And with Portfolio Director, you have the freedom to transfer money among the variable and fixed options without charges or tax consequences, subject to certain limitations as detailed in your prospectus. Fixed options can restrict when and how much you can transfer to other investments and how much you may withdraw from the plan in a single year. Remember that annuities are long-term investments, and the value of the variable options you choose will fluctuate so that your investment values might be worth more or less than the original cost.

The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.

To obtain a Portfolio Director contract and underlying fund prospectuses, visit www.aigrs.com or call 1-800-428-2542 (press 1, then 3). The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Applicable to Portfolio Director Fixed and Variable Policy Form series UIT-194, UITG-194 and UITG 194P.