Get documents about "Deferred Comp 457 Thrift Plan 401_k_ TSA 403_b_
Document Sample
TSA 403(b) Deferred Comp 457 Thrift Plan 401(k)
The 403(b) Tax Sheltered Annuity (TSA) Program, 457 Deferred Compensation Plan and 401(k)
Thrift Plan all provide a means of accumulating tax-deferred dollars during your working career in
order to supplement your income after retirement. You may contribute part of your income to a
variety of annuities, mutual funds and savings plans through payroll deduction (deposits cannot be
made directly by the participant). Both Federal and State income taxes are immediately reduced,
and your contributions and investment earnings are not taxed until they are withdrawn at some fu-
ture date. This is usually after retirement when the taxpayer is often in a lower tax bracket.
The University’s Role includes:
Advising employees on procedures and assisting with enrollment.
The University’s Role does not include:
Computing, or counseling participants on maximum exclusion allowance;
Screening or evaluating companies to determine their stability or performance;
Advising employees about investments or the tax consequences of investments.
How to Enroll:
Tax Sheltered Annuity - 403(b):
1. Go to https://www.myretirementmanager.com/
2. Click “I’m a new user” at the top right, and then select “California State University”
from the group selection.
3. You will be prompted for personal information, contribution amounts, and to set up an account
with your selected fund sponsor.
Tax Sheltered Annuity Instructional Videos Available Online
The following instructional video modules are available on the CSU Benefits Portal at
http://www.calstate.edu/hr/benefitsportal/
• New User/Lost Password Login
• How to Enroll and Make Changes
• Disbursements
• Your Retirement, Life Event Planning, Financial Education, Financial Tools.
Savings Plus Program (SPP) - 457 & 401(k):
Enroll online through the Savings Plus website at www.sppforu.com,
or
Call Savings Plus Program at 1-866-566-4777 (Monday through Friday 8:30am to 4:00 pm PT)
California Polytechnic State University • Human Resources • San Luis Obispo, CA 93407
(805) 756-5436 • Fax: (805)756-5483 • humanresources@calpoly.edu • www.afd.calpoly.edu/hr/benefits.asp
IRC Limitations for
How Much Can I Contribute? 403(b), 401(k) and 457
Plan Participation Total Limit
The Internal Revenue Code (IRC) establishes specific limits that govern how much an
403(b) Only $16,500
individual can contribute to pre-tax salary reduction plans.
401(k) Only $16,500
IRC Section 402(g) “elective deferral limit” for 403(b) and 401(k) plans is currently
$16,500. IRC Section 415(c) “percentage of compensation” limit is defined as 100% 457 Only $16,500
of gross salary up to a maximum of $49,000. The “deferred compensation deferral 403(b) and 401(k) $16,500
limit,” IRC section 457(e)(15), is set at $16,500 and applies to 457 plans.
403(b) and 457 $33,000
You may contribute to both a 403(b) and a 401(k) plan, but only up to the maximum
401(k) and 457 $33,000
of $16,500 per year. Contributions to a 403(b) plan are not offset by contributions to
a 457 plan, however, so you can maximize contributions in both of these plans. For 403(b), 401(k) and 457 $33,000
example, a participant could elect to contribute up to $16,500 to a 403(b) plan AND ∆ T he limits do not reflect “catch-up” allow-
up to $16,500 to a 457 plan, for a total annual contribution of up to $33,000. ances available to eligible long-term employ-
ees, individuals age 50 and over, and 457 plan
participants nearing retirement.
Tax Deferred Accounts Information
401(k) and 403(b) Customer Service Website
Savings Plus Program (866) 566-4777 or www.sppforu.com
spptraining1@dpa.ca.gov
403(b) TSA Fund Sponsors Customer Service Website and Local Contact(s)
Fidelity Investments http://enrollonline.fidelity.com www.fidelity.com/atwork/reservations
to set up an account To schedule a confidential consultation
Customer Service Call Center:
(800) 343-0860
5 a.m.—9 p.m. PT (M-F)
ING www.ingretirementplans.com Blakeslee and Blakeslee
(805) 543-4366
Customer Service Call Center
(800) 343-0860
5 a.m.—7 p.m. PT (M-F)
5 a.m.—1 p.m. PT (Sat-Sun)
Met Life www.tiaa-cref.org/csu Kevin Villanueva
(805) 709-6767
Customer Service Call Center kvillanueva@metlife.com
(800) 543-2520
5 a.m.—5 p.m. PT (M-F) Richard Sullenger
(805) 544-4190
rsullenger@metlife.com
TIAA-CREF www.tiaa-cref.org/csu To schedule a confidential consultation
Customer Service Call Center contact the Customer Service Call Center.
(800) 842-2776
5 a.m.—7 p.m. PT (M-F)
6 a.m.—3 p.m. PT (Sat)
Valic http://www.valic.com/AIG- Gerald Carnahan
Retirement_633_130975.html (805) 305-5852
Gerald.carnahan@valic.com
Customer Service Call Center
(888) 569-7055 Isaac Mueller
5 a.m.—6 p.m. PT (M-F) (805) 503-9173
Isaac.mueller@valic.com
∆ Catch Up Provision Information can be found at http://www.calstate.edu/hr/benefitsportal/ under the General TSA Information link.
Plan Provision Tax Chart
This chart illustrates basic provisions of the Economic Growth and Tax Relief Reconciliation
Act (EGTRRA) related to defined contribution retirement plans available to CSU employees. (It
does not include other retirement provisions, including defined benefit plans, i. e., CalPERS.)
Plan Provision 403(b) 457 401(k)
402( g) Elective Deferral Limit $11,000 in 2002 $11,000 in 2002 $11,000 in 2002
This is an annual maximum. It will be indexed $12,000 in 2003 $12,000 in 2003 $12,000 in 2003
annually for inflation after 2006. $13,000 in 2004 $13,000 in 2004 $13,000 in 2004
$14,000 in 2005 $14,000 in 2005 $14,000 in 2005
$15,000 in 2006 $15,000 in 2006 $15,000 in 2006
$15,500 in 2007 $15,500 in 2007 $15,500 in 2007
$15,500 in 2008 $15,500 in 2008 $15,500 in 2008
$16,500 in 2009 $16,500 in 2009 $16,500 in 2009
$16,500 in 20010 $16,500 in 20010 $16,500 in 20010
IRC Section 402( g)( 7) Catch- up Up to $3,000 per Not applicable Not applicable
Also referred to as the “15- year” catch- up. year beyond the
Permits certain long- term employees who have 402( g) limit, for
under- deferred in previous years to make addi- up to 5 years or a
tional contributions beyond the IRC Section
Lifetime maxi-
402( g) limit. Applicable only to the 403( b)
plan and can be used concurrently with the IRC mum of
Section 414( v) catch- up. $15,000.
IRC Section 414( v) Catch- up $1,000 in 2002 $1,000 in 2002 $1,000 in 2002
Also referred to as the “age- 50” catch- up. $2,000 in 2003 $2,000 in 2003 $2,000 in 2003
Permits participants who have attained at least $3,000 in 2004 $3,000 in 2004 $3,000 in 2004
age 50 by the end of a calendar year to make $4,000 in 2005 $4,000 in 2005 $4,000 in 2005
catch- up contributions on a graduated scale. In
$5,000 in 2006 $5,000 in 2006 $5,000 in 2006
2002, a participant can defer $1,000 to a 403
( b) or 401( k) and an additional $1,000 to a $5,000 in 2007 $5,000 in 2007 $5,000 in 2007
governmental 457( b) plan. $5,000 in 2008 $5,000 in 200 $5,000 in 2008
$5,500 in 2009 $5,500 in 2009 $5,500 in 2009
$5,500 in 2010 $5,500 in 2010 $5,500 in 2010
IRC Section 457( b) Catch- up Not applicable $22,000 in 2002 Not applicable
Also referred to as the “two times elective de- $24,000 in 2003
ferral” catch- up. Provides a maximum lifetime $26,000 in 2004
amount and is available to participants who $28,000 in 2005
have under- deferred to the 457( b) plan in
$30,000 in 2006
prior years. Permits eligible participants to de-
fer up to twice the amount of the elective defer- $30,000 in 2007
ral amount during the last three years before $30,000 in 2008
the plan’s normal retirement age, minus any $??,??? In 2009
current and prior years’ deferrals made since $??,??? In 2010
the employee began participating in the plan.
Applicable only to the 457 plan and can be
used concurrently with the 403( b) plan’s IRC
Section 402( g) ( 7) catch- up, and the IRC
Section 414( v) “age- 50” catch- up*.
*Previously, EGTRRA had a non- duplication rule preventing 457 plan participants from taking advantage of both
types of catch- ups at the same time. This rule was modified and enacted as part of the Job Creation and Worker
Assistance Act of 2002. Now, these participants are now entitled to make catch- up contributions up to an amount
equal to the greater of the age- 50 catch- up limit or the 3- year catch- up limit.
