Benefits

Voluntary Retirement Investment/Savings Plans

In addition to your primary retirement benefits, please consider saving additional money to prepare for retirement.  The California State University (CSU) supports the efforts of faculty and staff to plan a fulfilling and financially secure retirement.  As part of its total rewards package, the CSU offers employees several different voluntary retirement investment/savings programs to help you meet your financial goals.

Each plan offers employees the opportunity to make contributions on a pre-tax or post-tax (Roth) basis. Please note that the plans listed below are voluntary investment/savings plans and do not have an employer contribution.

Employees may participate in any or all of the plans.  Each is governed by a different section of the IRS code resulting in different rules and provisions.  Please visit the CSYou website for additional information regarding these plans including enrollment, contribution limits, catch-up allowances, and hardships/loans.

California State University (CSU) (the “employer”) provides you with the opportunity to save for your retirement through the California State University 403(b) Supplemental Retirement Plan (“SRP”) (the “Plan”). CSU would like you to know more about how you can participate in the 403(b) through Fidelity Investments. You have the opportunity to enroll in the plan, direct contributions, and review plan information by accessing Fidelity NetBenefits at www.NetBenefits.com/Calstate. 

Eligibility

All employees of California State University, who receive compensation reportable on an IRS Form W-2, are eligible to participate in the 403(b) plan, including rehired annuitants. Whether you want to enroll in the Plan, or you are already enrolled but wish to change the amount of your deferral, you can accomplish your goal by completing the online process via Fidelity NetBenefits.

Deferral Elections

The plan has a minimum contribution of $15 per month. You are eligible to make changes to your elective deferral on a monthly basis. The cutoff date to make changes in Fidelity Netbenefits is the fifth (5th) of each month, before 9:00 pm (Pacific).

Please take a moment to review the plan information within Fidelity NetBenefits website before enrolling. You may open a 403(b) account by accessing the Fidelity Netbenefits website or by calling a Fidelity Service Center Representative at (800) 343-0860 (mention plan # 50537).Once you are enrolled, you may review and change the amount of your contributions and your investment allocations at any time. Please note: fund investment selections are made directly through Fidelity Netbenefits.

The Internal Revenue Service (IRS) limits the amount you may defer under this and other plans in any tax year. For 2020, note the following:

·       Contribute up to $19,500 in the 403(b) Plan through Fidelity NetBenefits

·       Contributions to a 403(b) and a 401(k) plan in the same tax year are limited to $19,500 combined

·       Eligible employees age 50 and older may contribute up to an additional $6,500 per year

·       Employees with 15 or more years of service with CSU may be eligible to contribute an additional $3,000 per year, for up to five years, for a “catch-up” lifetime limit of $15,000. To participate, employees must complete the Maximum Contribution Worksheet and submit to the campus benefits officer.

Participants may contribute to both a 403(b) and a 401(k) plan in the same tax year, however, combined contributions across both plans cannot exceed $19,500. If you do participate in more than one 403(b) and/or 401(k) plan, you are responsible for tracking the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the limit. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) and 401(k) plans that you participate in is generally limited to the lesser of $58,000 or 100% of your compensation in 2021.

 

Additional information about the Plan is located on the Fidelity NetBenefits website. You can also obtain information about the Plan from your campus benefits office.

 

Useful links

Plan Basics

Online Enrollment Guide

Enrollment Paper Form

Resources Available

Schedule a complimentary one-on-one with Fidelity Retirement Planner

  • Administered by CalHR/State of California. Enrollment and changes are handled between employee and CalHR.  (CSU does not administer the 401(k) and 457 plans.)
  • Eligible employees may participate in the IRC 401(k) Thrift Plan and the IRC 457 Deferred Compensation plans.
  • Nationwide is the Plan Administrator effective 1/1/2016.
  • There is no employer matching contribution.
  • For more information or to enroll online visity the Savings Plus Program official website.

For additional information regarding this program, including maximum contribution amounts, catch-up allowances, and administration of the Savings Plus Program, refer to the Savings Plus website.

Go to the CalHR Savings Plus Program official website to learn about the program, maximum contributions amounts, catch-up allowances and administration of the program.
  • Follow the steps to enroll online.
  • Enrollment and changes are handled between employee and CalHR.