Universal Notice - California State University
Tax Sheltered Annuity Program
Dear CSULB Employee:
While 2011 has presented its challenges to both the CSU and its employees, there are remaining challenges to face. However, it is still important for you to take some time to think long-term about your retirement goals. Even if you are enrolled in the CalPERS or PST retirement program, most employees will need to supplement their retirement benefit with additional retirement savings. As an employee* of the California State University system, you can take a step toward securing your financial future with the CSU Tax Sheltered Annuity (TSA) Program.
The CSU offers a robust, manageable selection of investment choices from five Fund Sponsors (Fidelity, ING, MetLife, TIAA-CREF and VALIC) and allows you to manage your own monthly contributions via Retirement Manager. Plus, you can choose to invest in one, two, three, four or ALL five fund sponsors – the choice is yours!
Setting aside a portion of your salary now will help you secure your retirement in the future. With a minimal investment of just 50 cents a day, you can take advantage of “compounding,” which means your money generates earnings as your funds are re-invested over a period of time. Or, if able, you can invest up to the IRS limit, which is set on an annual basis. Plus, there are additional opportunities to invest beyond the limit if you are age 50 or older, and/or have worked for the CSU for 15 years or more and missed opportunities to invest earlier in your CSU career.
So if you are not currently participating in the CSU TSA Program, now is a good time to enroll. Apprehensive? Start with as little as $15 per month and opt to increase it in the future. Already taken those steps and enrolled in the CSU TSA Program? Then today is an opportunity for you to re-evaluate your monthly contribution amount(s).
The CSU Saving Made Easy flyer includes 10 simple steps to help you plan toward saving for your retirement, and provides website links to:
- The SCO Paycheck Calculator
- The Annual Maximum Contribution Worksheet
- Listing of each of the five Fund Sponsors
- Retirement Manager
- The CSU Benefits Portal
The end of 2011 is quickly approaching, but beginning in 2012, you can defer up to an annual maximum of $17,000 (it was previously $16,500). The age 50 catch-up ($5,500) and 15 year catch-up ($3,000) annual amounts remain the same
Need additional help? You can contact:
- Each Fund Sponsor directly,
- The Fund Sponsor representative that is assigned to our campus, or
- Benefits Services for more information on upcoming campus visits by the Fund Sponsors’ representatives.
The CSU TSA Program - Saving made easy, one step at a time.
*All CSU employees are eligible, with the exception of certain student positions.