Human Resources Department

Payroll, Benefits & Retirement

Financial Planning

Below is a list of financial planning options available to SFSU employees.

Savings Plus Program & Deferred Compensation Plan  | TSA 403 (b)
Savings Bonds

Savings Plus Program (401k) & Deferred Compensation Plans (457)

Savings Plus offers two deferred compensation plans for California state employees: a 401(k) Thrift Plan and a 457 Deferred Compensation Plan. The benefits of these programs include:

  • Lower tax withholding through pre-tax deferrals
  • Easy investing through payroll deductions
  • Numerous investment options and the ease of daily exchanges among them
  • Flexibility in changing future deferrals
  • Various benefit payment options

Who Is Eligible For Savings Plus?

Employees who are contributing members to the California Public Employees’ Retirement System (CalPERS) are eligible to participate with the Savings Plus Program.

Beginning in April 2009, CSU employees who separate and return to service as "Rehired Annuitants" can contribute to the Savings Plus Program. If you are a Rehired Annuitant, you qualify for this benefit if you are: Paid via a State Payroll System; Separated for at least 60 days; and Not currently receiving any periodic payment distributions from a Savings Plus Program account.To contribute, complete a Rehired Annuitant Enrollment Agreement, available online at www.sppforu.com under "forms and publications".

How To Request Information Or Join

For enrollment information or to request an enrollment kit, please call the Savings Plus Program at (916) 322-5070 or send a written request to the Department of Personnel Administration, Savings Plus Program Office, 1515 "S" Street, North Building, Suite 108, Sacramento, CA 95814-7243.

Additional information can be obtained by visiting the Savings Plus Program website.


TSA 403 (b) Program

Eligibility | Maximum Annual Contribution | Over Age 50 Catch-Up Provision | 15 Year Rule Catch-Up Provision | Additional Information and Forms | Roll-over Request

The CSU 403(b) Tax Sheltered Annuity (TSA) Program is a voluntary program that allows eligible CSU employees to save toward retirement by investing pre-tax contributions in tax-deferred investments in either annuities or mutual funds, under Internal Revenue Code (IRC) Section 403(b). TSA contributions are made solely by the employee through payroll deductions, prior to federal and state taxes being calculated. Consequently, these pre-tax contributions result in reduced taxable income for participating employees.

The Internal Revenue Service (IRS) finalized new 403(b) regulations that are effective January 1, 2009. As a result of these new guidelines, the CSU is required to make changes to the administration of its TSA Program. Major changes include:

  • Implementation of AIG Retirement as the Master Administrator for day to day administration; and

  • Consolidation of fund sponsors and fund options.

Effective January 1, 2009, employees will be allowed up to five (5) TSA deductions from the following fund sponsors:

In addition, TSA enrollments and deferral changes will be designated by employees via Retirement Manager, an online process through AIG Retirement, the Master Administrator. The Retirement Manager online process replaces the 403(b) Salary Reduction Form. All salary reduction changes (stop, start, increase and/or decrease) will be managed by the employee in Retirement Manager. Click here to see cutoff dates in Retirement Manager for each payroll period in 2009.

Fund investment selections will be made directly through the fund sponsor(s) and employees can open a 403(b) account by accessing specific websites provided in the above links.

 

Eligibility For TSA 403(b) & Mutual Fund Participation:

  • The minimum monthly 403(b) contribution is $15 per month. Currently, some 403(b) vendors require a monthly contribution greater than $15, so this level of contribution may limit the employee’s choice of vendors.
  • With the exception of certain student classifications, all employees are eligible to participate in the 403(b) program, including rehired annuitants (regardless of age).
  • The following student classifications are ineligible for 403(b) participation:
    • Resident Assistant (class code 1869)
    • Student Assistant (class code 1870)
    • Student Trainee, On-Campus Work Study (class code 1871)
    • Student Trainee, Off-Campus Work Study (class code 1872)
    • Graduate Assistant (class code 2355)

Enrollment

Enrollments are now done on-line.  Please visit the AIG-Retirement Manager to enroll and change your monthly contribution amounts,  https://www.myretirementmanager.com/

Roll-over requests

All forms requiring employer signature are to be sent to the Chancellor's Office for approval pursuant to the CSU TSA plan document and IRS guidelines.
All documents requiring an employer signature are to be mailed with a self-addressed, stamped envelope to the following address:

Pamela Chapin
Chancellor's Office, The California State University
401 Golden Shore, 4th Floor
Long Beach, Ca 90802

Please note that faxed documents are not accepted. The turnaround goal is five (5) business days. Individual campus representatives are not allowed to sign roll-over requests.

Maximum Annual Contribution (General Limit)

For the 2009 tax year, the lesser of the following two limits apply to determine the maximum contribution to a 403(b) plan:

Internal Revenue Code (IRC) 402 (g) Elective Deferral Limit- $16,500
Internal Revenue Code (IRC) 415 “Percentage of Compensation” Limit- 100% of adjusted gross salary

Over Age 50 Catch-Up Provision

IRC Section 414(v), added under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), created a new catch-up provision available to individuals age 50 or older before the end of the plan year, and allows them to make additional pre-tax elective deferrals to a 403(b) plan over and above the general contribution limits, without regard to previous contributions. This new catch-up rule does not require a calculation worksheet. The maximum amount of this new additional contribution is $5,500 in 2009 for a total of $22,000.

15-Year Rule Catch-Up Provision

IRC Section 402(g)(7) “catch-up” election permits some long-term employees to contribute an additional $3,000 during the year, for up to five years. If you wish to contribute up to this amount you must demonstrate your eligibility for the catch-up rule by completing a “Worksheet to Determine Eligibility for 403(b) Contributions over $16,500”. This worksheet must be completed every year you plan to contribute over the limit.

Internal Revenue Service (IRS) Publications 553 and 571 provide additional information, these publications are available on the IRS’s web site address at: http://www.irs.gov.

ADDITIONAL INFORMATION AND FORMS

403 (b)/457/401k Comparison Chart

Worksheet to Determine Eligibility for 403(b) Contributions over $16,500

Savings Bonds

All employees may purchase U.S. Savings Bonds in denominations of $100, $200, $500, and $1,000. The principal and interest due on U.S. Savings Bonds is paid when the bond is cashed. Bonds are sent to employees as they are purchased and can be replaced if lost, stolen or destroyed.

To establish a payroll deduction to purchase U.S. Savings Bonds, fill out the U.S. Savings Bond Purchase/Payroll Deduction Authorization and return to Payroll.

For additional enrollment information:

U.S. Treasury Website | Savings Bond FAQ

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