Supplemental Retirement Plans
Upcoming Changes to the LSU 403(b) Supplemental Retirement Plans
LSU 403(b) Supplemental Retirement Plan Information Sessions
Representatives from Fidelity, TIAA, and Valic will be on site from 9 am. -- 4 p.m. to conduct information sessions and one-on-one consultations to help answer any questions that you may have regarding your 403(b) account and the upcoming transition.
Monday, August 20, 2018
Presentations at 9 a.m., 1 p.m., 3 p.m
The LSU 403(b) and Roth 403(b) Voluntary Retirement Plans provide an important benefit to help you plan for your financial future. We are continually looking for ways to improve the program and we're excited to let you know about upcoming enhancements to the plans. The enhancements are being made with your financial future in mind, and will expand your savings opportunities in the various retirement plans.
As part of our fiduciary commitment to ensure the supplemental retirement program keeps up with changes in financial markets and meet all legal requirements, LSU Benefits Administration conducted a Request for Proposals (RFP) to solicit bids. As a result, we are excited to announce that LSU employees will have access to the following improvements to the 403(B) program:
- Significant reduction of an improved transparency in management and record-keeping fees
- A simplified, low-cost investment lineup
- Increased education on voluntary retirement options
Beginning this fall, Fidelity, TIAA and VALIC will be offering LSU employees an improved 403(b) investment platform.
403(b) contributions to Voya and MetLife will cease when the new fund structure takes place. Employees currently participating with Voya and MetLife will receive additional communication about their existing 403(b) plan and directions how to participate in the new and improved 403(b) lineup with either Fidelity, TIAA or VALIC.
Please note that these changes will not have any effect on the state Optional Retirement Plan (ORP)
TIAA, VALIC, and Voya will remain ORP investment providers.
For further information, please feel free to contact your campus HRM offices.
403(b) changes FAQs
Enrolling and/or Inquiries
LSU offers multiple options to help employees save for the future. The supplemental retirement program includes 403(b) and 457 (b) plans. Employees may make paycheck contributions before and/or after taxes. Employees can enroll at any time of the year and contributions can be changed, stopped, or re-started throughout the year. Please take a moment to review the benefits of a supplemental retirement account and which plan will best help you plan for retirement.
For employees who are interested in opening a 403 (b) Supplemental Retirement Account, please visit Retirement Manager. For more information on the Retirement Manager site, please visit our 403 (b) page.
For a 457(b) supplemental retirement account, you may begin the enrollment process by calling 800-701-8255 to verify your information and establish your log-in. You will need to provide a Date of Hire, and then a security code will be sent to a cell number or email on record with Empower. If no cell number or email is on record with Empower, additional identity verification will be required. From there, you will be instructed to complete your contribution amount online at www.louisianadcp.com. The investment will default to a 6% contribution rate into a Target Date fund based on your date of birth. Any of this may be changed in the future by logging on and making changes to your account. This data will be communicated to LSU’s payroll department via electronic file and you will receive a confirmation of your activity. Federal regulation on 457(b) plans provides that any changes you submit on your account will take place the following month.
Current participants can make deferral changes online at louisianadcp.com.
|Annual Maximum Deferral Amount||$18,500|
|Annual Maximum Deferral Amount for participants age 50 and older||$24,500|
Maximum contributions to both a 403(b) and 457(b) account can be made at the same time. Employees may switch supplemental retirement account vendors at any point during the year.
LSU cannot guarantee the success of the SRA products or the level of service and we urge you to fully review the product before you participate.