Savings Plans

There are three kinds of tax deferred plans: 403(b), 401(k) and 457. The differences are outlined in the side-by-side comparison chart (.pdf).

Tax-Sheltered Annuity (TSA) Program 403(b)

• Eligible employees may participate in an IRC 403(b) tax-sheltered annuity plan.
• Allows an employee to defer a maximum pre-tax deduction of $16,500 for 2009.
• There is no employer matching contribution.
• AIG Retirement is the Master Administrator
• There are five Fund Sponsors:
  • VALIC (formerly AIG Retirement) (Group Plan Number 01412001)
  • Fidelity Investments (Group Plan Number 50537)
  • ING Life and Annuity Company (Group Plan Number vfr597 - Kit #140550)
  • MetLife Resources (Group Plan Number 1009800-01)
  • VALIC (formerly AIG Retirement) (Group Plan Number 01412001)

Enrollment Information

• Review the TSA Enrollment Booklet (.pdf).
• Enroll online through Retirement Manager.

Catch-Up Allowance

• Employees may be eligible for the 15-Year and/or Age 50 Catch-Up.
• If an employee qualifies for both the 15-Year and Age 50 Catch-Up, the 15-Year Catch-Up must be exhausted before the Age 50 Catch-Up is applied.
• Employees must demonstrate eligibility by completing and returning to HRS the CSU Maximum Contribution Allowance Worksheet.

Change or Reallocation of TSA Contributions

• To change the amount you contribute or how your contributions are directed among the Fund Sponsors login to your account through Retirement Manager or call (866) 294-7950.
• To reallocate your contributions within the Fund Sponsor’s investment options contact your Fund Sponsor:
  • VALIC
  • Fidelity Investments
  • ING Life and Annuity Company
  • MetLife Resources, and
  • TIAA-Cref
• Check the Retirement Manager Cutoff Dates (.pdf)

Contract Exchanges, Loans and Hardship Withdrawals

• Information on exchanges, loans and hardship withdrawals

Savings Plus Program 401(k) and 457

• Eligible employees may participate in the IRC 401(k) Thrift Plan and the IRC 457 Deferred Compensation plans.
  
• Administered by the Department of Personnel Administration (DPA).
  
• Allows a maximum pre-tax deduction of $16,500 for the 401(k) plan and $16,500 for the 457 plan for 2009.
  
• There is no employer matching contribution.

Enrollment information:

• Log onto DPA Savings Plus Program official website to learn about the program.
• Verify your eligibility and enroll on-line.
• Enrollment and changes handled between employee and DPA.

Special Rules

• Special rules apply to employees who participate in more than one plan.
  
• Refer to following chart for summary of special rules: Chart » (.doc)

Other Savings Plans

U.S. Savings Bonds

• Employees are eligible to purchase U.S. Savings Bonds (Series EE) through payroll deduction.
• The principal and interest due is paid when the bond is cashed.
• Bonds are sent to employees as they are purchased.
• Can be replaced if lost, stolen or destroyed.

Enrollment information:

• TreasuryDirect website | Savings Bond FAQ
  
• Fill out Enrollment Form (.pdf) and return to Payroll.

Credit Union

• Ocean Crest, California Bear Credit Unions or LBS Financial Credit Unions offer checking, loan and savings programs.
• Membership applications are available in Human Resource Services.