Retirement Programs

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Retirement Programs

Enrollment into CalPERS or SavingsPlus is automatic.

CalPERS

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (CalPERS) is the retirement system in which eligible employees of Humboldt State University participate. Full-time appointments that exceed six months and half-time appointments averaging 20 hours per week for one year or longer require membership in CalPERS. Part-time lecturers and coaches may become eligible to the PERS retirement system at the beginning of a third consecutive semester at a .4 or more time base.

HSU employees who are members of the CalPERS system are in the "State Miscellaneous, First Tier" plan, or one of the Public Safety plans, depending on classification.

Employees excluded from CalPERS membership are covered by the Part-Time Retirement Program (see below).

We encourage employees enrolled in CalPERS to create an account with my|CalPERS. This will allow employees to view service credit, account balance, view annual statements and keep track of other important account information.

Part-Time Retirement Program

Part-Time, Seasonal, Temporary (PST) RETIREMENT PLAN is a mandatory retirement plan for non-CalPERS eligible employees. The plan is Administered by the California Department of Human Resources (CalHR), under the Savings Plus Program (457). The employee's contribution is 7.5% of the gross monthly salary. Employees may request a detailed brochure from Human Resources.

Voluntary Retirement Programs

Enrollment into one of the 3 voluntary retirement programs available to eligible HSU employees allows for extra retirement savings and more control over investment options.

CSU 403(b) Tax Sheltered Annuity (TSA) Program – The 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. TSA contributions are made solely by the employee through payroll deductions, prior to federal and state taxes being calculated. In order for eligible employees to take advantage of the tax savings via payroll deduction, a 403(b) account must be established with Fidelity, the TSA Program record-keeper effective April, 2016.

The Internal Revenue Code (IRC) establishes specific limits that govern the amounts an individual can contribute to a 403(b) plan. Currently, two IRC limits apply: the IRC Section 402(g) "elective deferral limit" and the IRC Section 415(c) "percentage of compensation" limit. Currently, the contribution limit is 100% of adjusted gross income (up to $54,000), or a maximum of $18,000 per year for 2017.

Additionally, contributions to a 403(b) plan are not offset by contributions to a 457 plan. For example, a participant can elect to contribute up to $18,000 to a 403(b) plan AND up to $18,000 to a 457 plan, for a total contribution of up to $36,000.

TSA enrollments and deferral changes are designated by employees via Fidelity NetBenefits, an online process through Fidelity, the record-keeper for the TSA program. All monthly salary reduction changes (stop, start, increase and/or decrease) and fund investment selections are managed by the employee via Fidelity NetBenefits. The minimum monthly deduction amount is $15 per month.

401(k), 457 Deferred Compensation Plans – Savings Plus is a voluntary program offered by The State of California through CalHR (not CSU) and administered by Nationwide Retirement Solutions. This program allows eligible state and CSU employees to save toward retirement by investing pre-tax contributions in tax-deferred investments, via two deferred compensation plans: a 401(k) and a 457. These contributions are made through payroll deductions, prior to federal and state taxes being calculated. There is also a Roth (after-tax) 401(k) plan available.

Currently, the plan contribution limits that apply to Savings Plus are prescribed under Internal Revenue Code (IRC) Sections 401(k) and 457.

Contributions to a 457 plan are not offset by contributions to a 403(b), or 401(k) plan. Currently, a participant could elect to contribute up to $18,000 to a 403(b), or 401(k) plan AND up to $18,000 to a 457 plan, for a total contribution of up to $36,000.

In order for eligible employees to take advantage of the tax savings via payroll deduction, an account must be established with Savings Plus.

For additional information regarding this program, including maximum contribution amounts, catch-up allowances, and administration of the Savings Plus program, please contact their office at (855) 616-4776, or refer to the Savings Plus website.