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Retirement

Supplemental Retirement Information

The LSU System provides the opportunity for employees to participate in supplemental retirement accounts (SRAs) (both tax-sheltered and ROTH options) through payroll deduction. Participation is totally voluntary and the LSU System does not make any matching contributions.

Types of SRA Programs offered at LSU Shreveport
1) 403(b) Plan:  The federal government has made it possible for "not-for-profit" healthcare organizations, education institutions, and charitable agencies to allow their employees to make contributions (either tax-sheltered or Roth) through the Internal Revenue Service Code Section 403(b). 

2) 457(b) Plan: The federal government also allows for government entities to allow their employees to make contributions (either tax-sheltered or Roth) through the Internal Revenue Service Code Section 457(b).

403(b) and / or 457(b) Maximum Contributions for 2015
The maximum amount that may be tax-sheltered is determined by federal law and is set by the IRS each calendar year.
Annual Maximum Deferral Amount                                                              $18,000
Annual Maximum Deferral Amount for participants age 50 and older       $24,000
Maximum contributions to a 403(b) and 457(b) account can be made at the same time.

403(b) PLAN
The 403(b) plan (through VOYA, TIAA-CREF, VALIC, MetLife or Fidelity) offers LSU System employees several options in terms of where they can invest their money. Employees also have numerous funds available to diversify their retirement portfolio. Termination of employment with the LSU System allows employees to roll their funds over to an IRA or other qualified plan. Early withdrawal penalties will be assessed if withdrawals are made prior to obtaining age 59½. 

ADMINISTRATORS OF THE 403(b) PLANS - SUPPLEMENTAL RETIREMENT ACCOUNTS
TIAA-CREF, VALIC, VOYA, MetLife,  and Fidelity

TIAA-CREF Financial Services

Representative: Matt Robertson, 1.800.842.2006 or mrobertson@tiaa-cref.org
Websitehttp://www1.tiaa-cref.org/tcm/lsusystemtda/
Additional Resources:
Click here for the TIAA-CREF Tools and Calculators
Click here for the TIAA-CREF Fund Performance

Enroll in a 403(b) with TIAA-CREF:
1. Click here for the TIAA-CREF enrollment form.
2. Click here for the Salary Reduction form.
Return the completed enrollment form and salary reduction form to Human Resources (AD 109).

Change 403(b) contributions
Click here for the Salary Reduction form.
Return the completed enrollment form and salary reduction form to Human Resources (AD 109).

VOYA Financial
Representative: Donna Causey, 318-469-1933 or donna.causey@voyafa.com
Website: https://voyaretirement.voyaplans.com/eportal/welcome.do
Additional Resources:
Click here for  VOYA's Fund Performance
Click here for VOYA's calculator tools
Click here for VOYA's 403(b) benefits

Enroll in a 403(b) with VOYA:
1. Meet with Donna Causey and complete an enrollment form
2. Click here for the Salary Reduction form.
After meeting with Donna Causey and completing an enrollment form, turn in the salary reduction form to Human Resources (AD 109).

Change 403(b) contributions
Click here for the Salary Reduction form.
Return the completed enrollment form and salary reduction form to Human Resources (AD 109).

 VALIC

Representatives: Laura Dugas, 318-957-9509, laura.dugas@valic.com and Melissa McConnell, 318-572-8601, melissa.mcconnell@valic.com
Websitehttps://www.valic.com/home_3240_422903.html
Additional Resources
Click here for VALIC's Fund Performance
Click here for VALIC's Calculator Tools

Enroll in a 403(b) with VALIC
1. Meet with either Laura Dugas or Melissa McConnell and complete an enrollment form.
2. Click here for the Salary Reduction form.
After meeting with a VALIC representative and completing an enrollment form, turn in the salary reduction form to Human Resources (AD 109).

Change 403(b) contributions
Click here for the Salary Reduction form.
Return the completed enrollment form and salary reduction form to Human Resources (AD 109).
Fidelity Investments

Representative: Russell Jeanis, 1-800-343-0860 or russell.jeanis@fmr.com
Website: https://nb.fidelity.com/public/nb/lsu/home
Additional Resources: Click here to view educational information, calculators and more

Enroll in a 403(b) with Fidelity
1. Click here to enroll online
2. Click here for the Salary Reduction form.
After completing the online enrollment, complete and turn in the Salary Reduction Form to Human Resources (AD 109).

Change 403(b) contributions
Click here for the Salary Reduction form.
Return the completed enrollment form and salary reduction form to Human Resources (AD 109).

MetLife

Representative
: David Paul, 318-212-8924 or jdpaul@metlife.com
Website: https://www.metlife.com/
Additional Resources:
Click here for MetLife's Fund Performance
Click here for MetLife's retirement toolbox

Enroll in a 403(b) with MetLife
1. Meet with either David Paul and complete an enrollment form.
2. Click here for the Salary Reduction form.
After meeting with the MetLife representative and completing an enrollment form, turn in the salary reduction form to Human Resources (AD 109).

Change 403(b) contributions
Click here for the Salary Reduction form.
Return the completed enrollment form and salary reduction form to Human Resources (AD 109).

457(b) PLAN
The 457(b) plan (through the State of Louisiana Deferred Compensation Plan / Empower Financial Services) offers LSU System employees one option through the State of Louisiana Deferred Compensation Plan, the exclusive provider. Termination of employment with the LSU System allows employees to roll contributions over to an IRA or other qualified plan or receive a cash distribution without an early withdrawal penalty.

ADMINISTRATOR OF THE 457(b) - LOUISIANA DEFERRED COMPENSATION PLAN
EMPOWER RETIREMENTGreat West Financial

Website: https://louisianadcpretire.gwrs.com/login.do?accu=LouisianaWR
Representative: Beau Bordelon, 318.453.8624, beau.bordelon@empower-retirement.com

Enroll in a 457(b) Deferred Compensation Plan with EMPOWER Retirement
1) Enrollment Form
2) Salary Deferral Agreement 
Complete the enrollment form and salary deferral agreement. .Please turn in the completed forms to Human Resource Management (AD 109). 

Additional resources:
Beneficiary Election Form
Click here to view the 457(b) Plan Document
Click here to review investment performance

Once the supplemental 457(b)/Deferred Compensation account is open, employees may start, stop, increase, or decrease their contributions as necessary. To adjust contributions to an existing 457(b) account, complete and return the Salary Deferral Agreement to Human Resources (AD 109).

WITHDRAWING MONEY FROM YOUR SRA
While Actively Employed
The main purpose of the SRA is to help provide employees with long-term financial security through current tax-efficient savings. In exchange for the tax breaks the IRS gives employees government regulations limit withdrawals while during employment. In addition, some investment companies have policy or contract restrictions that may include fees or interest penalties for early withdrawal. Be sure to review the company's policy before making a decision. Withdrawal forms may be requested from each investment company or its representative.

There are instances in which employees may be eligible to withdraw this money in the event of a hardship. In order to qualify for a hardship, employees must have a verifiable, immediate, and heavy financial need. The withdrawal must be necessary to meet the need; in other words, employees are unable to meet the need from any other source. In this case, employees can withdraw only your contributions, not the earnings on them.

403(b)
Employees who withdraw money from their 403(b) SRA before 59 ½ must pay a 10% penalty tax on the amount withdrawn unless the distribution meets one of the following requirements:
- It is due to termination of employment on or after age 55;
- It is in the form of substantially equal payments for life or life expectancy, after termination of employment;
- It is due to disability or death;
- It is for non-reimbursed medical expenses to the extent allowed to be itemized on income tax return (more than 7.5% of adjusted gross income)
- It is a payment to an alternate payee directed by a qualified domestic relations order (QDRO).
403(b) Withdrawal Election form should be submitted to Human Resources to apply for a withdrawal.

457(b)
Current employees who are not yet 59 1/2 will not be subject to the 10% penalty tax.  Employees should visit the Deferred Compensation website for the most current plan forms and discuss any restrictions with the plan representative. https://louisianadcpretire.gwrs.com/preLoginContentLink.do?accu=LouisianaWR&specificBundle=preLogin&contentUrl=prelogin.resourceCenter.forms

After Termination of Employment

After employment terminates with the LSU System, contributions to the SRA will stop. The deposits and earnings accumulated can be withdrawn and paid (or named beneficiary upon former employee's death). Contract or policy withdrawal restrictions will apply.

Distributions made that are not part of a series of substantially equal payments made over a period of 10 years or more, or that are not required to be made under the IRS minimum distribution rules, may be rolled over to an IRA. Employees may also elect not to defer any tax liability. Any withdrawals that are not directly rolled over to an IRA or another SRA will be subject to tax withholding of 20%.

403(b)
Former employees who are not yet 59 ½ and do not meet any of the criteria explained under the governmental restrictions will have distributions subject to a 10% penalty tax according to IRS regulations. This penalty tax is in addition to any contract or policy withdrawal restrictions that may apply.

457(b)
Former employees who are not yet 59 1/2 will not be subject to the 10% penalty tax.  Former employees should visit the Deferred Compensation website for the most current withdrawal / rollover forms. https://louisianadcpretire.gwrs.com/preLoginContentLink.do?accu=LouisianaWR&specificBundle=preLogin&contentUrl=prelogin.resourceCenter.forms

In the Event of Employee's Death
In the event of an employee's death, the named beneficiary must contact the investment company or its representative to receive withdrawal information.

When an employee enrolls in an SRA, he/she will be given a beneficiary designation form that contains all the information for beneficiary election. Employees who wish to change their designation of beneficiary will need to contact the investment company or its representative.

Required Minimum Distributions
403(b) and 457(b) SRA Plans must begin by April 1 of the year following the later of these two events:  attainment of 70 ½ years of age or upon retirement.