403(b) Basic plan
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Open
Set up a 403(b) plan
Set up a new plan
Capital Bank and Trust (CB&T) no longer offers new 403(b) Basic plans, but new participants can still be added to existing 403(b) Basic plans. However, two 403(b) plan options are offered through American Funds.
The two options for new plans offered through American Funds are as follows:
- RecordkeeperDirect®: Designed for startups and smaller plans
- PlanPremier®: Designed for larger plans
Refer to Find the right retirement plan for your client for details.
Add participant to existing plan
Add participant to a 403(b) Basic individual plan
Use this form to enroll a participant into an existing 403(b) plan.
Complete the New Participant Enrollment for 403(b) Basic Individual form.Add participant to an employer-sponsored 403(b) Basic plan
Use this form to enroll a participant into an employer-sponsored 403(b) plan.
Complete the New Participant Enrollment for 403(b) Basic Employer form.
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For eligibility, funding guidelines and other information about adding a participant to a 403(b) Basic plan, refer to Opening 403(b) Basic accounts.
Common questions
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Update
Manage employees’ personal information
Update employee’s name
Complete this form and submit with supporting documentation.
Complete the Name Change Request form.Update a participant’s address
Update via the participant’s online
account. Use the options on the right side of the page.Note: There is a 10-calendar-day wait to process a distribution to the new address unless the distribution request is submitted in writing with a signature guarantee.
Log in to Client Accounts.
Update participants’ contact information
Participant email addresses and/or phone numbers can be updated via DST Vision or by contacting us.
Log in to DST Vision or contact us.If your client has experienced a major life event, visit Life events for checklists to assist with account updates they may need to consider.
Manage account information
Designate or update 403(b) Basic plan beneficiaries
Use this form to update the beneficiary.
Complete the 403(b) Beneficiary Designation form.Change the financial professional or dealer firm
For employer-sponsored 403(b) accounts, participants may not change the dealer firm on their accounts. Only the employer, trust or third-party administrator (TPA) acting on behalf of the employer may change the dealer firm for all accounts in the plan.
For individual participant accounts, use this form to update the financial professional or dealer firm.Complete the Financial Professional Change Request.
Common questions
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Transact
Contributions
Payroll deduction contributions
Employers can provide this form to participants to set up salary deferrals into their individual 403(b) accounts. These forms should be returned to the employer.
Complete the 403(b) Salary Deferral Election form.Employer contributions
Contributions may be submitted via business check or the Online Group Investments (OGI) website. If the plan elects to offer an online option, the employer is provided with their user ID and instructions for submitting contributions.
Visit the OGI website.
Visit 403(b) Basic contributions and tax information for additional details about contribution limits, deadlines and more.
Distributions
Make a one-time distribution
Use this form to request a one-time distribution if the participant has either reached age 59½ or separated from service. The form should also be used in the event the plan is terminated. Employer confirmation and certification may be required.
Complete the 403(b) Single Distribution Request.
Request a one-time or recurring required minimum distribution (RMD)
An RMD must be taken from a 403(b) Basic plan once the investor reaches the age of 73. However, if the participant is still working for the employer who sponsors the plan, the participant can generally wait until retirement before taking distributions.
Complete the Required Minimum Distribution (RMD) Request.
Visit 403(b) Basic distributions and tax information for additional details about distributions and the tax implications for your client.
Exchanges and rebalances
Complete a one-time exchange or rebalance
A one-time exchange or rebalance can be processed by logging in to Client Accounts and selecting Exchange or Rebalance.
Log in to Client Accounts.
Set up an automatic exchange or rebalance plan
Automatic exchange and rebalance plans can be set up or modified online. Access the client’s account online and click Automatic Transactions.
Log in to Client Accounts.
Visit 403(b) account exchanges and rebalances for additional details about one-time and automatic exchanges and rebalances.
Rollovers and 403(b) exchanges
Roll over or exchange funds into a participant account
Participants can use this form to request:
- An exchange from the same plan
- A direct rollover from an external qualified plan or IRA
The exchange or rollover must go directly to an American Funds 403(b) or Texas Optional Retirement Plan (ORP). Employees should verify with the employer that the plan accepts rollovers.
Complete the 403(b)/Texas ORP Request for Exchange or Direct Rollover.
Transfer funds out of a participant account
Participants can use this form to request a direct rollover from a 403(b) account.
Complete the 403(b) Direct Rollover Request From a CB&T Account.
Exchange funds to a new vendor
Send the receiving vendor/custodian’s form that has been signed by both the custodian and the participant. Employer confirmation and certification is required. A signature guarantee is also required.
Common questions
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Contact us
Have questions or need additional support?
Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.
For financial professionals only. Not for use with the public.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Use of this website is intended for U.S. residents only.
The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
Financial professionals should always contact their back office to determine if there are any restrictions on the use of American Funds products, tools, services, websites and literature.