Voluntary Retirement

Voluntary Tax-Sheltered Annuity Plan 403(b) Plan

Most employees* are eligible to participate in a voluntary tax-deferred annuity plan offered through Georgia State University under provision 403(b) of the Internal Revenue Code (IRC). This plan allows participants to direct a portion of their income, on a tax-deferred basis, into any of a number of investment vehicles such as annuity contracts and mutual funds. Taxes are deferred until the money is withdrawn, usually upon retirement (withdrawal prior to retirement age carries a penalty). You make the full contribution, via Salary Reduction Form (there are no employer contributions). You may enroll or change your elections for the 403(b) plan at any time, including during the annual Benefits Open Enrollment period.

In general terms, you may set-aside up to $17,500 in a 403(b) plan during 2014. Employees age 50 or older may set aside up to an additional $5,500 for plan year 2014. Your annual contribution is allocated equally across the number of paychecks you receive during the year for your base salary.

There are three authorized vendors, offering a variety of investment options: TIAA-CREF, VALIC and Fidelity (Plan Numbers 50326 & 84767).

Fidelity 403(b) Plan Guide (Plan No. 50326)

Voluntary Deferred-Compensation Plan 457(b) Plan

Georgia State offers a voluntary deferred compensation plan under provision 457(b) of the Internal Revenue Code (IRC). This plan allows you to defer a portion of your income, on a tax-sheltered basis, into any of a number of investment vehicles. Taxes are deferred until the money is withdrawn. Unlike a 403(b) plan, withdrawals at times other than retirement do not carry an additional penalty. You may participate in both the 403(b) and the 457(b) plans. You make the full contribution, via salary reduction (there are no employer contributions). You may enroll or change your elections for the 457(b) plan at any time, including during the annual Benefits Open Enrollment period.

In general terms, you may set-aside up to $17,500(b) in a 457 Plan during 2014. Employees who are age 50 or older may set aside up to an additional $5,500 for plan year 2014.

There are three authorized vendors, offering a variety of investment options: TIAA-CREF, VALIC and Fidelity (Plan Numbers 50326 & 84767).

Click here to see Vendor appointments dates and registration.

*Tax treaties generally disallow non-immigrant foreign nationals who work in the U.S. from excluding such contributions from their taxable income, so there is no advantage to participation.

2015 Salary Reduction Form

2014 Salary Reduction Agreement

Voluntary Plans Provider Directory

 

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