Below is a list of financial planning options available to SFSU employees.
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:
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.
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. More information can be found at: Savings Plus for Rehired Annuitants .
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, register and login to https://www.savingsplusnow.com/ 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.
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.
Eligible employees are allowed up to five (5) TSA deductions to any or all of the following fund sponsors:
AIG Retirement (Group Plan Number 01412001)
Fidelity Investments (Group Plan Number 50537)
ING (Group Plan Number vfr597 - Kit #140550)
MetLife (Group Plan Number 1009800-01)
TIAA-Cref (Group Plan Number 151163 - Access Code CA9988)
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.
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.
Enrollments are now done on-line. Please visit the AIG-Retirement Manager to enroll and change your monthly contribution amounts, https://www.myretirementmanager.com/
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:
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.
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 2013 for a total of $23,000.
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 $17,500”. 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.
Worksheet to Determine Eligibility for 403(b) Contributions over $17,500: