CSU Tax Sheltered Annuity Program -
Status of Loans and Hardship Withdrawals Available Through Legacy Vendors
July 15, 2009
Effective January 1, 2009, the Internal Revenue Service (IRS) implemented final regulations that had major impact on the CSU TSA Program. These regulations require the CSU to establish an information sharing agreement certification process for the purposes of data sharing and tracking of loans and hardship withdrawals between the CSU, and any current or legacy fund sponsor that chooses to make loans and hardship withdrawals available to participants.
To meet this requirement, the CSU implemented the certification process through Retirement Manager.
In preparation, the CSU contacted each legacy vendor in 2008, and provided data and information sharing agreement certification requirements for completion. As of this date, only the following legacy vendors can offer loans and hardship withdrawals:
- ING Reliastar - Loans and hardship withdrawals are available.
- Jefferson National - Loans and hardship withdrawals are available.
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Life Insurance Company of the Southwest (LSW) - Loans and hardship withdrawals are available.
Loans and hardship withdrawals for all other fund sponsors are frozen.