{"id":2767,"date":"2019-07-24T21:45:17","date_gmt":"2019-07-24T21:45:17","guid":{"rendered":"http:\/\/ffbenefits.ffga.com\/stpetershealth\/?page_id=2767"},"modified":"2025-09-23T21:21:13","modified_gmt":"2025-09-23T21:21:13","slug":"403b-retirement-plan","status":"publish","type":"page","link":"https:\/\/ffbenefits.ffga.com\/stpetershealth\/403b-retirement-plan\/","title":{"rendered":"Retirement Plans"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-35dukv-7efbb5e06c0a811c463d175daeddfa0f\">\n.avia-section.av-35dukv-7efbb5e06c0a811c463d175daeddfa0f{\nbackground-color:#76b153;\nbackground-image:unset;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-35dukv-7efbb5e06c0a811c463d175daeddfa0f main_color avia-section-default avia-no-border-styling  avia-builder-el-0  el_before_av_two_third  avia-builder-el-first  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2767'><div class='entry-content-wrapper clearfix'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lnxztsxq-f29f2480e43af9455d50b4182064239d\">\n#top .av-special-heading.av-lnxztsxq-f29f2480e43af9455d50b4182064239d{\npadding-bottom:10px;\ncolor:#ffffff;\n}\nbody .av-special-heading.av-lnxztsxq-f29f2480e43af9455d50b4182064239d .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lnxztsxq-f29f2480e43af9455d50b4182064239d .special-heading-inner-border{\nborder-color:#ffffff;\n}\n.av-special-heading.av-lnxztsxq-f29f2480e43af9455d50b4182064239d .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lnxztsxq-f29f2480e43af9455d50b4182064239d av-special-heading-h1 custom-color-heading  avia-builder-el-1  avia-builder-el-no-sibling  av-linked-heading'><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Retirement Plans<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='after_section_1'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2767'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-65xldz-ab5d24ccc785e4e0496a3c574589bf88\">\n.flex_column.av-65xldz-ab5d24ccc785e4e0496a3c574589bf88{\n-webkit-border-radius:0px 0px 0px 0px;\n-moz-border-radius:0px 0px 0px 0px;\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div class='flex_column av-65xldz-ab5d24ccc785e4e0496a3c574589bf88 av_two_third  avia-builder-el-2  el_after_av_section  el_before_av_one_third  avia-builder-el-first  first flex_column_div av-zero-column-padding '     ><section  class='av_textblock_section av-jx3muuys-b48d46802976f30a2ab505615523f86a'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>The 403(b) can be an excellent way to save money for retirement. It can serve as a supplement to a traditional pension plan or other retirement plan(s), or as a stand-alone plan. The 403(b) is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. Contributions and investment earnings in a 403(b) grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income. The 403(b) is named after the section of the IRS code governing it.<\/p>\n<p><b>How a 403(b) Works<\/b> Employees enroll and participate through their employer. Contributions to a 403(b) are made on a pre-tax basis through a Salary Reduction Agreement. This is an arrangement where the participating employee agrees to take a reduction in salary. The amount by which the salary is reduced is directed to investments offered through the employer and selected by the employee. These contributions are called elective deferrals and are excluded from the employee&#8217;s taxable income. Contributions grow tax-deferred until the time of retirement, when withdrawals are taxed as ordinary income.<\/p>\n<p><strong>B<\/strong><strong>enefits Include:<\/strong><\/p>\n<ul>\n<li>Tax deferred growth: no annual taxation on earnings<\/li>\n<li>Investment options: fixed annuities, variable annuities, or mutual funds<\/li>\n<li>Competitive interest rates<\/li>\n<li>Flexibility: start, stop, and adjust your contributions as allowed by your employer&#8217;s plan.<\/li>\n<li>Receive periodic account statements<\/li>\n<li>Physicians may have access to other benefits, contact the Payroll Administrator at (406)444-2160<\/li>\n<li>Employees are considered vested in the retirement plan after three years in the plan as long as they worked 1000 hours per year.<\/li>\n<\/ul>\n<p><strong>Contribution Limits<\/strong><\/p>\n<ul>\n<li><strong>2024<\/strong>:\u00a0$23,000<\/li>\n<li><strong>2025<\/strong>: $23,500<\/li>\n<li>Participants aged 50 and older at any time during the calendar year are permitted to contribute an additional $7,500.<\/li>\n<\/ul>\n<p><em>All investing involves risk. Past performance is not a guarantee of future returns.<\/em><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3yyvfb-48c17aa4cbb0738c5759bab8ebee5b4d\">\n.flex_column.av-3yyvfb-48c17aa4cbb0738c5759bab8ebee5b4d{\n-webkit-border-radius:0px 0px 0px 0px;\n-moz-border-radius:0px 0px 0px 0px;\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div class='flex_column av-3yyvfb-48c17aa4cbb0738c5759bab8ebee5b4d av_one_third  avia-builder-el-4  el_after_av_two_third  el_before_av_heading  flex_column_div av-zero-column-padding '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-bx2hqw-487b7eedc83ed8e23a4e0d7bb06b0882\">\n.iconbox.av-bx2hqw-487b7eedc83ed8e23a4e0d7bb06b0882 .iconbox_icon{\nbackground-color:#33a8d5;\n}\n<\/style>\n<article  class='iconbox iconbox_top av-bx2hqw-487b7eedc83ed8e23a4e0d7bb06b0882  avia-builder-el-5  el_before_av_iconlist  avia-builder-el-first  main_color'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class=\"iconbox_content\"><header class=\"entry-content-header\"><div class=\"iconbox_icon heading-color\" aria-hidden='true' data-av_icon='\ue854' data-av_iconfont='entypo-fontello'><\/div><h3 class='iconbox_content_title '  itemprop=\"headline\" ><a href='http:\/\/services.ffga.com\/403(b)-home\/403(b)-employer-information.aspx' title='PRINCIPAL' target=\"_blank\" rel=\"noopener noreferrer\">PRINCIPAL<\/a><\/h3><\/header><div class='iconbox_content_container '  itemprop=\"text\" ><p>800-986-3343<\/p>\n<ul>\n<li><a href=\"mailto:People_Operations@sphealth.org\">People_Operations@sphealth.org<\/a><\/li>\n<\/ul>\n<\/div><\/div><footer class=\"entry-footer\"><\/footer><\/article><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-jv9m4793-e6584469fee910d2bae8eeff2ae2affa\">\n#top .avia-icon-list-container.av-jv9m4793-e6584469fee910d2bae8eeff2ae2affa .iconlist_icon{\ncolor:#ffffff;\nbackground-color:#33a8d5;\n}\n<\/style>\n<div  class='avia-icon-list-container av-jv9m4793-e6584469fee910d2bae8eeff2ae2affa  avia-builder-el-6  el_after_av_icon_box  avia-builder-el-last '><ul class='avia-icon-list avia_animate_when_almost_visible avia-icon-list-left av-iconlist-big av-jv9m4793-e6584469fee910d2bae8eeff2ae2affa avia-iconlist-animate'><li><div class='iconlist_icon av-2i0ssv-b899565c743057dbd7cc0aeb32866006 avia-font-entypo-fontello'><span class='iconlist-char' aria-hidden='true' data-av_icon='\ue835' data-av_iconfont='entypo-fontello'><\/span><\/div><article class=\"article-icon-entry \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class=\"iconlist_content_wrap\"><header class=\"entry-content-header\"><h4 class='av_iconlist_title iconlist_title  '  itemprop=\"headline\" ><a href='http:\/\/services.ffga.com\/403(b)-home\/403(b)-employer-information.aspx' title='EMPLOYER PLAN AND PROVIDER INFORMATION'>EMPLOYER PLAN AND PROVIDER INFORMATION<\/a><\/h4><\/header><div class='iconlist_content '  itemprop=\"text\" ><p>Contact <a href=\"mailto:People_Operations@sphealth.org\">People_Operations@sphealth.org<\/a> for more information on your 403b plan.<\/p>\n<\/div><\/div><footer class=\"entry-footer\"><\/footer><\/article><div class=\"iconlist-timeline\"><\/div><\/li>\n<\/ul><\/div><\/p><\/div><\/p>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2jyo8f-53c5374ccca26678c6ffea4926a1d766\">\n#top .av-special-heading.av-2jyo8f-53c5374ccca26678c6ffea4926a1d766{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-2jyo8f-53c5374ccca26678c6ffea4926a1d766 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-2jyo8f-53c5374ccca26678c6ffea4926a1d766 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-2jyo8f-53c5374ccca26678c6ffea4926a1d766 av-special-heading-h3  avia-builder-el-7  el_after_av_one_third  el_before_av_video  av-linked-heading'><h3 class='av-special-heading-tag'  itemprop=\"headline\"  >403(b) PLAN VIDEO<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<div  class='avia-video av-jv8ozkwj-555fde4a68d35e7edf67c2009bc57c2e avia-video-16-9 av-no-preview-image avia-video-load-always av-lazyload-immediate av-lazyload-video-embed'  itemprop=\"video\" itemtype=\"https:\/\/schema.org\/VideoObject\"  data-original_url='https:\/\/ffga.wistia.com\/medias\/o9ewzjvp5u '><script type='text\/html' class='av-video-tmpl'><div class='avia-iframe-wrap'><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"403(b) Video\" src=\"https:\/\/fast.wistia.net\/embed\/iframe\/o9ewzjvp5u?dnt=1#?secret=ulbkLKqSDE\" data-secret=\"ulbkLKqSDE\" frameborder=\"0\" scrolling=\"no\" width=\"640\" height=\"360\"><\/iframe><\/div><\/script><div 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