Bowdoin College 403(b) Plan

With an SRA, YOU make the contributions through pre-tax payroll deduction.

• To take part in the SRA, you need to contribute at least $200 a year.
• The maximum amount you can contribute on a calendar year basis changes each year. The general limit for calendar year 2023 is $22,500. If you are turning age 50 anytime in 2023 you are also eligible to contribute an additional $7,500 for a total of $30,000.
• All contributions to a traditional 403(b) SRA are made on a “pre-tax” basis.
• Once you set up the amount of the contribution, it will not change except at your request.
• You may start, stop, or change your contributions at any time. * SRA’s are offered through Fidelity Investments, and Vanguard. You can split contributions between both companies if desired.
• Getting started with Fidelity NetBenefits - www.fidelity.com/atwork

Bowdoin College Retirement Plans

NOTE: You also have the option to make after-tax contributions to a Roth 403(b) at Fidelity Investments. Unlike a traditional, pre-tax 403(b), the Roth 403(b) allows you to contribute after-tax dollars, but then you can withdraw tax-free dollars from your account when you retire*. This can assist you if the tax tables increase in the future or you feel you may be subject to a higher tax rate in your retirement than you are during your working years. The general limit for calendar year 2023 of $22,500 applies to a combination of both traditional pre-tax 403(b) contributions and after-tax Roth 403(b) contributions. There is not a separate limit for each type of contribution.

*In the event of either your retirement or termination, your earnings can be withdrawn tax-free as long as it has been five tax years since your first Roth 403(b) contribution and you are at least 59 ½ years old.