Enhancements to the 403(b) Plan

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Frequently Asked Questions

• Are loans available under the 403(b) Plan?

  Yes. Loans are currently allowed by the Clemson University 403(b) Plan.  

  For any new loans taken through your account with Corebridge, there will be a one-time fee of $50 charged as an initial setup cost and a $50 annual fee assessed for administration of each loan repaid through the ACH loan repayment process where repayments are deducted from your savings or checking bank account.  

  For any new loans taken through your account with TIAA, there will be a one-time fee of $75 charged as an initial setup cost and a $25 annual fee assessed for administration of each loan repaid through the ACH loan repayment process where repayments are deducted from your savings or checking bank account.  

  These fees will apply for any new loans taken on or after November 15, 2024. 

  Beginning on November 15, 2024, any participant who requests a new loan will be required to log in to the Clemson University Retirement Manager and obtain the certificate of eligibility document to receive approval of your loan. This new process replaces the current process of submitting a loan transaction form to Clemson University for review, approval, and signature from the plan’s administrator.  

• What happens to my account if I currently have an outstanding loan?

  If you have an outstanding loan and your current 403(b) Plan provider will be discontinued, your loan repayments will continue to be made to your account with this same provider through the same loan repayment process. No action is required.  

  If you have an outstanding loan in your Corebridge and/or TIAA account and have set up making loan repayments from your checking or savings account via the ACH process, this process will continue and no action is required. 

• If I have a current annuity account balance with Corebridge or TIAA, can I transfer or convert this account to my new Corebridge or TIAA account?
  Yes. If you would like to transfer your existing annuity account balance to your new Corebridge or TIAA account, contact Corebridge or TIAA to speak with a financial professional for assistance. 
• Will the process change for requesting distributions or withdrawals when eligible?

  Yes. Beginning on November 15, 2024, any participant who requests a new distribution or withdrawal from the 403(b) Plan will be required to log in to the Clemson University Retirement Manager and obtain the certificate of eligibility document to receive approval of your distribution or withdrawal. The types of withdrawals and distributions include hardship withdrawals, in-service exchanges, in-service age 59 ½ withdrawals, and severance of employment distributions.  

  This new process replaces the current process of submitting a transaction form to Clemson University for review, approval, and signature from the plan’s administrator. In addition, this new process will be required for current and future participants who are (or will be) retired or terminated from employment and have an account with Corebridge, TIAA, and any of the discontinued providers that sign the required agreement in? Retirement Manager.  

• Can I roll over funds from another qualified savings plan to this account?

  Yes, you may roll over funds from a 401(k), 403(b), IRA and other similar qualified plans after the blackout period ends and your new account is established at Corebridge and/or TIAA. You can do this by contacting Corebridge and/or TIAA for additional instructions and details, or you can meet with one of our financial professionals. 

• How often will I receive an account statement?

  Corebridge and TIAA mail account statements to your address on record no later than 10 business days after the end of each calendar quarter. These account statements include helpful information about your account balance, your investment elections and transaction history for all your accounts with Corebridge. You can also access your account statements online through Corebridge or through TIAA.

• What fees will I pay?

  Clemson University will employ a method to allocate plan administrative expenses equitably to all plan participants. The annual 403(b) Plan administration fee is assessed quarterly to participants’ accounts. Each participant will see an “Administrative Fee” on quarterly statements, and that fee will be the same for all plan participants. Currently, the administrative fee with Corebridge is 0.11% based on total plan assets and is subject to change over time. The administrative fee with TIAA is 0.07% based on total plan assets and is also subject to change over time. 

  In addition, as you may be aware, each mutual fund investment option available in the 403(b) Plan has an associated expense ratio or management fee. Often, all or part of administrative expenses are paid for in revenue-sharing dollars embedded in the 403(b) Plan’s mutual fund investment options. When participants choose investments with revenue-sharing agreements, they may in effect be paying more of the 403(b) Plan's expenses than those participants who choose investments without revenue-sharing agreements. Investments with revenue-sharing agreements provide mutual fund reimbursements to Corebridge and to TIAA for services performed on behalf of the investment company. When this occurs, Corebridge and TIAA will credit this money each quarter back to participants invested in the option that generated the reimbursement during the quarter.  

  The amount credited to a participant’s account is based on the participant’s daily average balance in those mutual funds. Reimbursements are credited quarterly and administrative fees are charged quarterly. Therefore, you may see a credit for applicable revenue sharing and a charge for agreed-upon administrative fees. 

  These fees will be visible beginning with your 2024 fourth quarter 2024 403(b) Plan statement, available online through Corebridge or through TIAA beginning in mid-January 2025. 

• Will my current beneficiaries on file transfer to Corebridge or TIAA?

  If you already have an account with Corebridge and made your beneficiary designations online through the Corebridge website, then those beneficiary designations will automatically transfer to your new account at Corebridge.   

  If you made your beneficiary designation with Corebridge by completing a paper form, then you will need to re-designate your beneficiary online at through your online account. You can review or make changes to your beneficiary at any time online.

  If you already have an account with TIAA, then those beneficiary designations will remain as is. You can review or make changes to your beneficiary at through your online account.

  If you have an account with a discontinued 403(b) Plan provider, you will need to re-designate your beneficiary online with your new 403(b) Plan provider – Corebridge or TIAA. 

• If I have both the South Carolina Optional Retirement Program (SC ORP) and the 403(b) Plan accounts with Corebridge or TIAA, do I use the same login credentials to the website?

  Yes. You would use the same login credentials for each of the respective websites to log in to your accounts and access both plans.