Voluntary Individual Retirement Plan Options
The State System offers two additional options to save and invest extra money for retirement, whether you are supplementing your group retirement plan or you are not eligible to enroll in the group retirement plan. Employees can choose to contribute up to the annual IRS limits in both plans. There are no employer contributions to the voluntary retirement plans. All employees are eligible to participate upon date of hire.
Tax Sheltered Annuity (TSA) - 403(b)
The deferred compensation plan is a governmental 457(b) retirement plan established by the State Employees’ Retirement System (SERS), which contracts with Empower Retirement, the retirement business of Great-West Financial, to serve as the administrator.
Employees can choose from a traditional before tax contribution plan in which you pay income tax only when you take a distribution or a Roth plan in which contributions are made with after tax dollars.
Click on the link below for more information and to get started.
Introducing a new online TSA retirement website, Retirement@work, available July 2nd 2018.
The Retirement@Work TSA portal will be available for employees to simplify and manage their TSA employee contributions, enroll with an investment vendor(s) and choose your investments all in one location.
With the new online TSA portal, employees will be able to choose from TIAA and/or Fidelity as their TSA vendor and choose from the same core investment lineup as the ARP group retirement plan, offered at the lowest possible fee structure. Access to a brokerage window is available for employees who desire investment choices outside of the core lineup with TIAA and/or Fidelity. Click the link below to get started.