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 $17,500 for 2013
• There is no employer matching contribution.
• VALIC is the Master Administrator
• There are five Fund Sponsors:
  • VALIC (Group Plan Number 01412001)
  • Fidelity Investments (Group Plan Number 50537)
  • ING Life and Annuity Company (Group Plan Number: Reference Enfollment Instructions - Kit #140550))
  • MetLife Resources (Group Plan Number: Preference Enrollment Instructions)
  • TIAA-Cref (Group Plan Number 151163 - Access Code CA9988)

Fund Sponsor Contact Information and Employee Consultation Schedule

Enrollment Information

• Review the TSA program brochure (.pdf)
• Enroll online through Retirement Manager.
• Retirement Manager “How To” Webcast Modules

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.
• To reallocate your contributions within the Fund Sponsor’s investment options contact your Fund Sponsor.
• The cutoff day to make changes in Retirement Manager is the 5th of each month by 9:59 p.m. Pacific Standard Time (PST) or the next business day by 9:59 p.m. if the 5th falls on a holiday or weekend.

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 Chancellor's Office Human Resources (COHR).
  
• Allows a maximum pre-tax deduction of $17,500 for the 401(k) plan and $17,500 for the 457 plan for 2013.
  
• There is no employer matching contribution.

Enrollment information:

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

Special Rules

• Special rules apply to employees who participate in more than one plan.
  
• Refer to following Comparison chart (.pdf) for summary of special rules.

Other Savings Plans

U.S. Savings Bonds

• The U.S. Department of the Treasury is ending the sale of paper U.S. Savings Bonds through employer-sponsored payroll deduction plans, effective January 1, 2011.
• CSU employees may purchase U.S. Savings Bonds directly through the TreasuryDirect website.

ScholarShare College Savings Plan

• Eligible employees may participate in California's tax-advantaged 529 college savings plan.
• The plan is sponsored by the ScholarShare Investment Board, an agency of the State of California, and is managed by TIAA-CREF.
• Earnings in your ScholarShare plan account grow tax-deferred. When you withdraw money to pay for qualified education expenses, you pay no federal or California state income tax.
• There is no employer matching contribution.
• For more information or to enroll online visit www.ScholarShare.com.

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.