Be in the know:
Augusta Medical Associates 403(b) Plan – (former Physician’s Practice Group 403(b)
Following a thorough review, we made the decision to discontinue the Augusta Medical Associates 403(b) Plan through Corebridge, effective Dec. 31, 2025. While the plan itself was discontinued, it’s important to know that the retirement benefits you’ve already earned are protected — you will not lose the vested percentage of your retirement benefits as a result of this update. As with any investment account, your balance may continue to fluctuate due to market performance.
What This Means for You
Because your plan was discontinued, you’ll have the opportunity to decide what to do with your retirement benefit. You can choose to:
- Roll the balance over to a qualified retirement plan. You can roll the balance over to another qualified retirement account, such as an IRA or another employer’s qualified plan, if allowed. This option allows you to continue saving for retirement while maintaining the tax-advantaged status of your benefit.
- Take a lump sum cash distribution. You may choose to take your benefit as a lump sum cash distribution. Keep in mind that taking cash distributions may be subject to taxes, and if you’re under age 59½, an additional 10% early distribution penalty may apply. The exact amount of taxes you owe will be determined when you file your taxes for 2026.
- Leave your assets with Corebridge. You may choose to leave your balance with Corebridge. Although the plan is terminated, your funds can remain with Corebridge in an individual account. You’ll continue to work directly with Corebridge for any account management needs, such as questions, distribution requests or changes to your investment options.
If you are no longer an active team member, you can request a distribution or rollover at any time, subject to contract provisions.
Review your options carefully to make the choice that best supports your long-term financial and retirement savings goals. If you do not make an election, your plan assets will remain with Corebridge until you request a distribution.
Make an Election
You’re in control of what happens next. Take time to review your options and choose what works best for you and your future. If you are married, you will likely want to discuss your decision with your spouse. We also encourage you to discuss the options with a financial planner and/or tax advisor.
To make an election, call Corebridge at 800-448-2542 by the deadline provided in your Corebridge election materials. Representatives are available Monday - Friday, 8:00 a.m. to 9:00 p.m. ET. Your representative can:
- Walk you through your options.
- Answer your questions.
If you have specific questions about the changes to your plan, contact the recordkeeper for your plan. Refer to the Resources At-a-Glance page for more information.
Wellstar Benefits, 1800 Parkway Place, 9th Floor, Marietta, GA 30067