As a CSU employee, you have three voluntary retirement savings plans available to you, which allow you to invest pre-tax dollars to supplement your CalPERS Retirement Plan benefit. They are:
You may participate in any or all of the plans. View the Comparison Chart for a side-by-side outline of the three programs. Each is governed by a different section of the IRS Code resulting in different rules and provisions.
This program allows you to save for retirement by investing pre-tax contributions in tax-deferred investments. Pre-tax contributions lower your taxable income because your contributions are made through payroll deduction before income taxes are calculated. This means you pay less in current taxes. Your investment earnings are also sheltered from taxes as long as they stay in your account.
Generally all employees are eligible to participate in the TSA program with the exception of certain student classifications.
The TSA program is strictly voluntary. You are not required to participate. All contributions are made by payroll deduction; CSU/Cal Poly Pomona does not make contributions to your TSA account.
The State of California's Department of Personnel Administration (DPA) is responsible for administering the Savings Plus Program. Funding is provided by fees charged to plan participants. Savings Plus is a long-term savings program that gives members two ways to save for retirement. The State of California offers eligible employees two plans authorized by the Internal Revenue Code--a Deferred Compensation plan under Internal Revenue Code (IRC) Section 457 and a Thrift Plan authorized by IRC 401(k). For detailed information, please review the Savings Plus Program's Summary Plan Description and the links provided below.