Voluntary Retirement Programs FAQ

Q: Is the contribution to this plan made on a pre-tax basis?
A:
All contributions to the tax sheltered annuity 403(b) program and the tax deferred 457 program are made on a pre-tax basis.

Q: Can I begin participation in the voluntary retirement plans at any time?
A:
Yes, employees can begin participation in these plans at any time.

Q: What happens to my voluntary retirement account if I terminate my employment with GSU?
A:
You have several options. Employees can rollover their contributions to another qualified plan, leave the contributions in the account or take a lump sum withdrawal (subject to IRS regulations).

Q: Can I participate in the both the 403(b) plan and the 457 plan at the same time?
A:
Employees can participate in both the 403(b) and 457 plans at the same time.

Q: What is the maximum dollar amount that I can contribute to each plan during calendar year 2008?
A:
The general limit for 2008 is $15,500 to each plan. Some individuals may be allowed to contribute additional dollar amounts under the various catch-up provisions.

Q: If I am at least 50 years old, can I contribute an additional dollar amount under the age catch-up provision?
A:
Participants who are at least 50 years old can contribute an additional $5,000 to both the 403(b) and 457 voluntary retirement plans during calendar year 2008.

Q: Who determines the maximum dollar amount that an individual can contribute to the 403(b) and 457 voluntary retirement plans?
A:
The Internal Revenue Service Code determines the maximum dollar amount that an individual can contribute to a voluntary retirement plan.

Q: Who is eligible to contribute to the voluntary retirement plans?
A:
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).

*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.

Q: Does GSU contribute to the voluntary retirement plans on my behalf?
A:
The voluntary retirement plans consist of employee contribution only. There are no matching funds from the University.

Engaging Employees and Building Morale

Engaging Employees and Building Morale

Whether you are looking to engage in social activities or enhance your professional development, this page offers a variety of resources available to staff who enjoy a balanced work-life.