The State System allows you to defer in both the TSA and Deferred Compensation plans, up to the applicable IRS limits. By making pre-tax deferral into the TSA, employees can reduce taxes withheld from the final paycheck and boost their retirement savings. Prior to meeting with your representative, you should obtain a sick/annual leave payout estimate from your HR office. This will help the representative to estimate the correct deferral amount.
Deferring Into the TSA 403b
Employees must have an active TSA account with TIAA and/or Fidelity or have established an account by enrolling through TIAA and/or Fidelity. To open an account, navigate to www.passhe.edu/enrollTSA and click on the Retirement@Work link.
Submit your completed TSA Leave Deduction Agreement directly to firstname.lastname@example.org or by fax to 717-720-4162. To make sure enrollment and forms are received, it is recommended to complete the process 30 days in advance of your retirement date.
To view more details of the plan, navigate to www.passhe.edu/enrollTSA.
- TSA Deferral Handout
Deferring Into the Deferred Compensation 457
The State Employees' Retirement System contracts with Empower Retirement as the administrator for the deferred compensation 457 plan.
There are TWO steps you must take in order to defer your sick/annual leave payout:
1. Enroll in the deferred compensation plan
Visit www.SERS.pa.gov, click the Deferred Compensation Plan graphic and “Enroll Now".
You must be contributing at least $5 prior to the pay in which you defer your sick and/or annual leave. Enrollment can be done online or by completing a paper enrollment form.
2. Meet with a deferred compensation representative to complete paperwork to defer your sick and annual leave payout
In addition to enrolling in the plan, you must complete and submit a Sick and Annual Leave Deduction Agreement to defer your payout. The pay deferral agreement form can be obtained by logging into your deferred compensation account, clicking on Plan Forms or from your deferred compensation representative. This form must be received by Empower Retirement prior to the first day of the month in which the deferral will be made – this is an IRS regulation.
You should submit your completed form directly to Empower via fax or online by uploading the form to your account under the upload documents section. It's important to obtain a confirmation that the form has been submitted with Empower.
For complete guidelines/details and setup, contact Empower Retirement at 866.737.7457.