- with traditional pre-tax contributions;
- with after-tax contributions known as Roth 403(b); or
- a combination of both pretax and after-tax contributions.
Moving forward, the Vincentian 403(b) plan will also accept rollovers from other Roth Plans. Some other important things to know:
- The addition of the Roth feature does not change in any way your existing 403(b) contributions, unless you wish to do so.
- Regardless of whether you choose a pre-tax and/or after-tax withholding for your 403(b) plan, Vincentian will continue to match up to 3% of your contributions.
This additional feature does not double the 403(b) limits. There is still only one contribution limit for both the traditional pre-tax 403(b) and the after-tax Roth 403(b). The 2023 limits are:
- $22,500 under the basic 403(b) limit, plus
- $7,500 under the catch-up limit for employees who are age 50 or older.
A letter with additional information will be sent to all employees who currently have an account with Empower. If that does not include you, please contact your People Operations and Engagement Specialist directly or you can use any of the following resources to create an account and start contribution to your 403(b).
- Enrollment and Beneficiary form – located on our shared drive
- Online www.empowermyretirement.com
- The Empower mobile phone app
- Call Empower at 1-800-701-8255
- Call or email Alex Kline at Duncan Financial
This additional benefit came to be because employees spoke up to have their voices heard. Remember that everyone has a voice at Vincentian; you are always welcome to reach out to your People Operations and Engagement Specialist with ideas, questions, concerns, or complements!