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The Tax Shelter Annuity Program, also known as a (403)b, is a voluntary program that allows eligible CSU employees to save toward retirement under Internal Revenue Code [IRC Section 403(b)]. The method for this savings is to invest pre-tax contributions in tax-deferred investments, either annuities or mutual funds. TSA contributions are made solely by the employee through payroll deductions, prior to the deduction of federal and state taxes.
All CSU employees except Student Classifications.
$15 per month per company. Investments may be made with one or two companies.
Employees can defer up to $15,500 for the 2008 tax year.
- Contributions to a 403(b) plan are no longer offset by contributions to a 457 plan. For example, for tax year 2008, a participant
could elect to contribute up to $15,500 to a 403(b) plan AND up to $15,500 to a 457 plan, for a total contribution of up to $31,000.
- Contributions to a 403(b) plan are offset by any contributions to a 401(k) plan in the same tax year. Employees contributing to both a 403(b) and a 401(k) plan are restricted by IRS regulations to a combined total of $15,500.
Each employee is responsible for their own calculations and to make sure the IRS limits are not exceeded.
You may enroll throughout the year. See the attached Submission Deadline Information sheet.
There are two "catch-up" provisions for making additional contributions; if you qualify, you may participate.
A list of eligible companies is available by pressing enter.
Contact each provider directly and compare the services provided with your individual needs. Your tax advisor may be able to recommend which companies to consider.
A comparison chart is available from the California State University website. Press enter.
No; all companies are directed not to call or personally come to employee's place of work, unless requested by the employee. Upon expressed invitation from an employee, an agent representing a company offering TSAs may meet with the employee during the employee’s free time in a location that will not interfere with normal University operations.
An employee may change companies and/or dollar amounts as often as once a month by submitting a new SRA Form.
Tax years for CSUN employees are calculated by Pay Periods: December 1st through November 30th.
Using the CSU Salary Reduction Agreement (SRA), sign a cancellation request. It will become effective in your next pay period. For example, a cancellation request submitted in December, 2007 becomes effective January 1, 2008 and will be reflected in your February 1st pay warrant. An employee receiving extended sick leave or catastrophic leave donation payments may elect to discontinue TSA contributions at any time; contact Benefits Administration for assistance.
An employee may contribute to one (1) or two (2) TSA companies simultaneously. Both companies must be entered on the same Salary Reduction Agreement.
CalPERS will accept a rollover to purchase additional service credit. For more information, press enter.
When you retire you may transfer your unused vacation pay to your 403(b) plan. NOrmally, when you cash out unused vacation credits the payment is taxable, but if you transfer it to your 403(b) plan you won't owe taxes until you withdraw the funds.
If you would like to proceed with the transfer, please contact Payroll Administration at ext 2314 at least 90 days before separating or retiring and put your request in writing at least 45 days in advance.
Complete information on TSAs is available on the Salary Reduction Agreement (SRA).
California State University, Northridge at 18111 Nordhoff Street, Northridge, CA 91330 / Phone: 818-677-1200 / © 2007 CSU Northridge
Last Updated 1/10/2008