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Supplemental Retirement (457, 403(b), Roth 403(b)) Plans
403(b) Tax Sheltered AnnuityEnrollment/Change/Cancellation form 403(b) Tax Sheltered Annuity Plan Guide Vendor Contact Information for 403(b) Plan
|
Vendor Name |
Website |
Phone Number |
Local Contact |
|
|
www.aigretirement.com |
(702) 796-0047 |
Patti Peterson
|
|
|
www.fidelityatwork.com |
(800) 343-0860 |
To Be Determined
|
|
|
www.tiaa-cref.org |
(800) 842-2776 |
Marty Jaspers
|
Roth 403(b)
The Nevada system of Higher Education (NSHE) began offering a voluntary Roth 403(b) option to all eligible employees effective April 1, 2008. This option provides our employees with another vehicle for saving towards their retirement. Under a Roth 403(b) plan, an employee contributes on an after tax basis. Distributions from the account will be tax free and without penalty when the employee reaches age 59 ½ and the distribution is taken five years after the first Roth contribution was made.
Enrollment/Change/Cancellation form
457 Deferred Compensation
Vendor Contact Information for 457 Plan
Vendor Name |
Website |
Phone Number |
Local Contact |
 |
www.ingretirementplans.com |
(702)562-5094 |
Eric Wyer
|
 |
retire.hartfordlife.com |
(800)255-2464 |
Janet Corral
|
Comparison Chart / 403(b) Plan vs 457 Plan
403(b) |
457 |
|
| Employer Involvement | Generally, employer involvement is very limited. You control how your monies are invested. | Generally, employer involvement is very limited. You control how your monies are invested. |
| Fund Sponsors | TIAA-CREF, Fidelity Investments and AIG Retirement | Hartford and ING |
| Minimum Contribution | $16.67 per month pre-tax | $25.00 per month pre-tax |
| Maximum Annual Contribution | Up to $16,500 in employee deferrals in 2009 pre -tax | Up to $16,500 total in employer and employee contributions in 2009 pre -tax. |
| Definition of Includible Compensation |
Compensation for most recent one-year period of full-time equivalent service reduced by 414(h) pick-up contributions, not reduced by deferrals. |
Calendar year compensation reduced by all pre-tax contributions, including cafeteria plan contributions, 414(h) pick-up contributions and voluntary deferrals. |
| Required Distributions at Age 70 ½ |
Can aggregate all 403(b) accounts and take distributions from any one or more accounts. | Required distributions from the 457 plan. |
| Loans | Loans available, if contract permits, except under Fidelity. Refer to Plan Guide for additional information. | Loans available, if plan permits. Refer to the company plan document for additional information. |
| In-Service Withdrawals | In-service withdrawals may be permitted if you are at least age 59 ½ or if your 403(b) annuity contains deferrals made prior to 1989.* Refer to Plan Guide for additional information. | To the extent provided in the plan, in-service withdrawals may be permitted if your account value is $5,000 or less (provided certain requirements are met) or at age 70 ½.** |
| Withdrawals | Withdrawals permitted due to Hardship, typically based upon participant certification.* | Withdrawals due to Unforeseeable Emergency – provided that very stringent criteria are satisfied and employer approves.** |
| Plan-Based Catch-Up Provisions | Employees with at least 15 years of service with the employer may be able to contribute up to $3,000 in addition to the base limit. Catch-ups only if deferrals in prior years average less than $5,000 per year. | Up to twice that applicable dollar limit for employees within three years of normal retirement age. Limited to the total of underutilized contribution limits in prior years of service with this employer or another employer within the state when a plan was available to that employee. |
| Age-Based Catch-Up Provisions | Allows for a catch up provision if you are 50+ years of $5,500. | Allows for a catch up provision if you are 50+ years of $5,500. |
| Combining Plan-Specific and Age-Based Catch-Up Contributions | Not allowed | Allowed |
| Transfers to State Defined Benefit Plan to Purchase Service Credits | Permitted if plan or act allows |
Permitted if plan or contract allows |
| Qualifying Events for Distribution |
|
|
| Employer Post-Separation Contributions |
Permitted for up to 5 years |
Not permitted |
| Federal Withholding on Distributions | Mandatory 20% federal withholding on all distributions | Mandatory 20% federal withholding on most governmental distributions |
| Portable (Can Move Assets to New Employer or IRA) | No | Yes |
| Incoming Rollovers |
Rollovers are allowed if the guidelines of a qualifying event are met. Employer approval may be required. | Rollovers are allowed from a governmental plan if the guidelines of a qualifying event are met. Employer approval may be required. |
* Keep in mind that in-service withdrawals are subject to a 10% premature distribution penalty unless an exemption applies
** A 10% premature distribution penalty does not apply to withdrawals, other than withdrawals from a non-457 rollover account.
If you have any questions or comments about any of the information contained on this or other Human Resources pages, please e-mail HRCustomerService@csn.edu.
