Unfortunately we were not able to include supplemental retirement account (403(b) and/or 457) information on this year’s statement. We hope to include this information in the future. If currently enrolled, questions may be referred to company: http://www.ohio.edu/hr/benefits/retirement/sra_providers.cfm

To change your 403(b) contributions you must complete a Salary Reduction Agreement which is available here as a printable form or in the Human Resources Department.

To open or close the account, you must contact the Benefits Department. You can change an existing account on TechWorks

If you are contributing to both the 401(k) and a 457 plan, you may contribute $15,500 to each plan ($20,500 to each if at least age 50 during 2007). If you are contributing to both the 401(k) plan and a 403(b) plan, you may only contribute a total of $15,500 ($20,500 if age 50) between both plans. If you contribute to both a 457 plan and a 403(b) plan, you may contribute $15,500 to each plan ($20,500 to each if age 50). Please check out our online limits calculator.

Yes. If you are a client and are actively participating in your company's 401(k), 403(b) or 457 plan, we will provide guidance assisting you to choose among the available funds in your company plan without additional charge. As a quid pro quo, we ask that you consider our firm for asset management when you withdraw your assets from your plan.

If you are still working for the employer who offers the plan, you may not roll the money out of that plan. Upon a distributable event (termination or retirement), you may then roll the money into the Choice Plan if you have an open Choice Plan account. You may not roll money out of a 457 plan from a tax-exempt or non-profit organization. Only money from a governmental 457 plan may be rolled into the Choice Plan.

Transfers, direct rollovers, and employee deferrals are permitted. Since these are non-ERISA plans, no employer contributions are permitted.

Yes, you may use funds from those plans to buy back service while you are still working. You will need to contact your 457 or 403(b) plan administrator to determine what paperwork they require and then complete a PERSI In-Service Transfer Verification (Form IVb) and Payment Agreement (Form 116).

Yes, the Choice Plan will accept rollovers even though you are no longer an active employee; however, you must have a Choice Plan account before your termination and maintain it (not close it out) after termination..

The 403b is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations. Participants contribute to either annuity contracts with insurance companies, or to mutual funds with mutual fund companies. Contributions and investment earnings grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income. Withdrawals before age 59 1/2 are subject to a 10% federal income tax penalty.

Loans are available from the TSA Plan. You should call TIAA-CREF at 1-800-682-8969 to verify how much you can take as a loan. TIAA-CREF will provide objective investment advice via their partnership with Ibbotson. However, TIAA-CREF and the Minnesota State Retirement System Services are not financial planners in their role as ASA for the MnSCU 403(b) and the State's 457 programs. They provide broad education information. .

Named after IRS code 457, a 457(b) plan is a non-qualified deferred compensation plan for states, counties, cities, agencies, and their political subdivisions or agencies. Deferred compensation is a contractual agreement between an organization and an employee wherein the organization makes an unsecured promise to defer the compensation of the employee to some future date for services currently performed by the employee.

Answer: IRS code section 403(b) allows all 501(c)(3) organizations, (churches, religious education organizations, health care, and charitable non-profit) to establish a pre-tax and tax-deferred employer sponsored retirement plan. The contributions may be made by just the employer, just the employee, or a combination of the two. *

Internal Revenue Code Section 403(b) authorizes a tax-sheltered retirement program using a payroll reduction system. It is designed to help employees of public schools, community colleges, state universities and non-profit 501(c)(3) organizations such as hospitals, churches, private schools and colleges set aside money regularly toward their retirement.

Generally, you may choose to reduce your salary by any amount that does not exceed the lesser of two limitations: If you are 50 or older on December 31 of a given year, you can contribute an additional amount as follows: For example, employees who are age 50 or older by the end of the year can contribute $20,500 ($15,500 plus $5,000 catch-up) assuming they make at least $20,000 in salary that year.

Your distribution will be taxed as ordinary income in the year received. Amounts remaining in the account will continue to grow tax-deferred until distribution. Federal income tax withholding applies only when a distribution occurs or is deemed to occur. Therefore, in the case of a transfer or direct rollover, withholding does not apply. If you receive a distribution that is eligible to be rolled over from your 403(b) program, a 20% mandatory income tax withholding will apply.

Options at death depend on who the named beneficiary is, as well as whether or not the death occurred before or after the required beginning date for distribution (i.e., 70 1/2). Some examples of options are: CA CO CT FL GA IL IN LA MA MD MI MO NC NJ NY OK PA TX VA For more information contact Inquiries@ lincolninvestment.com

Supplement Retirement Income - Most employees of educational institutions and other non-profit organizations are provided with a pension upon retirement. Few pension plans, however, provide an amount equal to salary. A 403(b) plan can provide a supplement to help close that gap. Lower Taxes - 403(b) contributions are made on a pre-tax basis which can greatly reduce your tax bill.

you experience financial hardshipsFor more detailed information refer to IRS Publication 571. You can obtain this document by clicking on IRS Publications and scrolling to Publication 571 Tax Sheltered Annuity Programs.

In most cases, the payments you receive, or that are made available to you from a 403(b) are taxable in full as ordinary income. In general, the same tax rules apply to distribution from a 403(b) that apply to distributions from other retirement plans. For more detailed information refer to IRS Publication 571. You can obtain this document by clicking on IRS Publications and scrolling to Publication 571 Tax Sheltered Annuity Programs.

Employees can make multiple elections during the year. This provides more flexibility for you to increase or decrease your deferral during the year to accommodate changing needs and to ensure that IRS contribution limits are not exceeded. You must make changes directly on the State of Minnesota Employee Self Service Web site.

The 403(b) was established in 1958 by the federal government to encourage employees in certain tax-exempt organizations to establish retirement savings programs. The name refers to the relevant section in the Internal Revenue Code.