Advantages of Contributing
- Employer non-elective and safe harbor contribution equal to 6% of compensation
- Immediate 100% vesting
- IRS employee elective deferral limit for 2022 is $19,500*; age 50 catch-up deferral for 2021 is an additional $6,500* for a total of $26,000 for those who are age 50 and above.
- A wide variety of investment vehicles, including age appropriate Life Cycle accounts
- Plan Loans and Financial Hardship withdrawal provisions
Note: This is a partial, general explanation of the Oxy 403(b) Plan. Please consult the Summary Plan Description of the plan for eligibility requirements and more detailed information.
*These are proposed amounts by the IRS for 2022 and are subject to change per IRS regulations.