ENGAGE in ongoing review and management of your investments, and access your account online using aacps.corebridgefinancial.com. Go to Retirement Manager to print a certificate for a loan, or hardship or Age-Based in-service withdrawal.
You will use Retirement Manager, a convenient online tool, to initiate a "Certificate" for a loan, financial hardship withdrawal or age 59 1/2 (Age-Based) withdrawal based on the guidelines below. Certain restrictions apply.
Retirement Manager will provide you with a “Certificate” which will verify your account information that you can present to your provider to access your account. The Certificate verifies how much you can borrow for a loan, how much is available for a hardship withdrawal, or your eligibility for an age-based in-service withdrawal if that data is provided to Retirement Manager by that investment provider.
Quick Facts About Loans, Hardships, and Exchanges
- Only available from 403(b) accounts, not 457(b) accounts.
- Available amount is 50% of the account balance up to $50,000.
- You will have to provide a reason on the provider’s loan application.
- Verify the interest rate with the provider.
- You may only have one loan at a time.
- You must first attempt to satisfy the financial need by other resources that are reasonably available to you.
- Eligibility criteria is based on IRS regulations:
- Medical expenses for you, your spouse, or your dependent (or primary beneficiary other than your spouse if your plan allows).
- Expenses directly related to the purchase of your principal residence, excluding mortgage payments.
- Tuition related educational fees, including room and board for the next 12 months for post secondary education for you, your spouse, your children, or your dependents (or primary beneficiary other than your spouse if your plan allows).
- Amounts required to prevent eviction from, or foreclosure on, your principal residence.
- Burial or funeral expenses for your deceased parent, spouse, child, or dependent (or primary beneficiary other than your spouse if your plan allows).
- Repairs for uninsured or underinsured damage to your principal residence due to theft, fire, storm or other casualty
- Amount distributed will be sufficient to satisfy the amount of the financial need.
- You may be subject to an additional 10% early withdrawal penalty. Please consult with your provider or tax consultant regarding the tax implications.
Age-Based In-Service Withdrawals:
- Based on plan provisions, active employees aged 59 1/2 and older may apply for a withdrawal from any of their AACPS retirement accounts. These withdrawals are subject to normal income tax withholding, but no additional tax penalties apply. Please consult with your provider or tax consultant regarding tax implications.
- If you are approaching age 72 and are still actively employed, your investment providers are required to issue a monthly minimum mandatory distribution. Your provider will reach out to you directly prior to your reaching this age, and you may contact them for further information.
Authorization by "Certificate"
To complete the transactions listed, vendors will require authorization from the Plan Sponsor (AACPS). Ordinarily, that would require the signature of the Plan Administrator at AACPS on the transfer form.
Retirement Manager makes it easier by providing you with a “Certificate” which will verify your account information, making a Plan Administrator signature unnecessary.
You present the "certificate" to your provider along with the appropriate vendor forms (Loan form, Hardship, or Age-Based Withdrawal Form).
The Certificate verifies
- how much you can borrow for a loan,
- how much is available for a hardship withdrawal, or
- eligibility for an age-based withdrawal
Separations and Retirement Distribution InformationAccessing Your Supplemental Retirement Plans (403b/457b) After You Resign/Retire
Please consult with a Corebridge financial advisor on options available to you concerning your Supplemental Retirement Program. Please be advised if you wish to initiate a withdrawal, rollover, or take a complete distribution from your plan, you are required to initiate a “Severance of Employment Certificate” with Retirement Manager. You will need to provide this Certificate along with the required plan forms directly to Corebridge Financial (formerly AIG Retirement Services) for processing. No AACPS signature is required.
For additional information, you may seek assistance from an Corebridge financial advisor. You may contact Retirement Manager Customer Service at 1-866-294-7950, or contact HR/Benefits at 410-222-5206/5221. Please consult with your provider or tax consultant regarding the tax implications of any SRP distribution.
Use Retirement Manager to access a certificate to apply for a Loan, Hardship, and/or Age-Based Withdrawal.