California State University 403(B) Tax Sheltered Annuity Program
California State University (CSU) (the “employer”) provides you with the opportunity to save for your retirement through the California State University 403(b) Tax Sheltered Annuity (TSA) Program (the “Plan”). CSU would like you to know more about how you can participate in the Plan. Valic Retirement Systems Company (VRSCO), the master administrator, provides a central database called Retirement Manager, that allows employees to enroll in the program, direct contributions to fund sponsor(s) selected, view account balances, and review plan information. You can access Retirement Manager by going to: www.myretirementmanager.com.
All TSA enrollments and deferral changes (stop, start, increase and/or decrease) are designated by employees via Retirement Manager. Whether you want to enroll in the Plan, or you are already enrolled but wish to change the amount of your deferral, you can accomplish your goal by completing the online process via Retirement Manager. Additional information about the Plan is located on the Retirement Manager website.
All employees of California State University (with the exception of certain student classifications), who receive compensation reportable on an IRS Form W-2, are eligible to participate in the 403(b) program, including rehired annuitants.
The plan has a minimum contribution of $15 per month. You are eligible to make changes to your elective deferral on a monthly basis. The cutoff date to make changes in Retirement Manager is the fifth (5th) of each month by 9:59 PM Pacific Time (PT), or the next business day by 9:59 PM if the fifth (5th) falls on a holiday or weekend.
Please take a moment to review the plan information within Retirement Manager, as well as on the individual fund sponsor websites before enrolling. Direct links to each funds sponsor’s site are located within Retirement Manager. Once you are enrolled, you can review and change the amount of your contributions and your investment allocations at any time. Please note that fund investment selections are made directly through the fund sponsor(s). You can open a 403(b) account by accessing the specific fund sponsor’s websites provided within Retirement Manager. The exact date your investment allocations will take effect may vary depending upon the policies of the financial service firm providing the investment options you chose for plan contributions.
Also, please be aware that the law limits the amount you may defer under this and other plans in any tax year. For 2013, please note the following:
• The limit is generally $17,500, although larger limits may apply if you are age 50 or older.
• Individuals who are age 50 or older, or will turn age 50 by the end of the 2013 calendar year, are eligible to contribute up to an additional $5,500 per year.
• In addition, employees with 15 or more years of service with CSU may be eligible to contribute an additional $3,000 per year, for up to five years, or a lifetime limit of $15,000.
Each participant only gets one limit for contributions to all 403(b) and 401(k) plans, so if you are also a participant in another 403(b) and/or 401(k) plan, your combined contributions to those plans and to the CSU 403(b) Tax Sheltered Annuity Program in 2013, are generally limited to $17,500. If you do participate in more than one 403(b) and/or 401(k) plan, you are responsible for tracking and reporting the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the limit. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) and 401(k) plans that you participate in is generally limited to the lesser of $51,000 or 100% of your compensation in 2013.
You can also obtain additional information about the plan from your campus benefits office.