Supplemental Retirement Plans
Upcoming Changes to the LSU 403(b) Supplemental Retirement Plans
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
TIAA, VALIC, and Voya will remain ORP investment providers.
We are committed to keeping you informed throughout this transition. We know how important it is for you to understand these changes so you can make the investment decisions that are right for you. To help you understand the changes and how they may affect your retirement savings goals, LSU will be providing you a variety of decision-support tools.
Here's what to expect in the coming weeks:
- Benefits website updates and transition guide with communications, FAQs, information about the new investment fund lineup, key dates and the steps you will need to take, tools and resources to help you make informed decisions and information on how to schedule a one-on-one appointment.
- Group and one-on-one meetings (to be announced at a later date) to give you the opportunity to learn more about how these plan enhancements will help you save for your future.
- Legal notices and transitions documents, including investment options and fees.
For further information, please feel free to contact your campus HRM offices.
LSU offers multiple options to help employees save for the future. The supplemental retirement program includes 403(b), Roth 403(b), 457(b) and Roth 457(b). Employees may make contributions on an after-tax basis under the Roth plans, on a pre-tax basis under the 403(b) and 457(b) plans, or a combination of the two. Please take a moment to review the benefits of a supplemental retirement account and which plan will best help you plan for retirement.
Enrolling and/or Inquiries
For employees who are interested in opening a 403 (b) Supplemental Retirement Account, please visit Retirement Manager.
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.
Please remember, investing in a 403(b) and/or 457(b) supplemental retirement account is not free. Each vendor (company) charges fees, such as record-keeping and in some cases, fees for distribution-related expenses in addition to expenses and fees based on your investment allocation. As a new enrollee in one of these plans, it is up to you to compare and consider the benefits offered by each vendor. New and current participants should confirm all costs associated with their investments, as well as any charges and restrictions associated with your existing contract before requesting a transfer for current participants.
Things You Should Do as a New Enrollee or Current Participant
Retirement Manager allows employees participating in a 403(b), and Roth 403(b) access to their accounts in a convenient, secure, Web-base anytime and anywhere, 24 hours a day, seven days a week. Simply go to www.myretirementmanager.com/myrm/?lsubrpaid.
Application access includes:
- Learn more about your retirement savings plan(s)
- View aggregate balance information across all active, and legacy 403(b) investment providers
- Request a Distribution Eligibility Certificate for the following transactions:
- Hardship Withdrawal
- In-Service Exchange
- Read educational articles on a range of financial planning topics
- Calculate what you will need to stay on track for retirement with easy-to-use financial calculators
- Start or change contribution amounts
- Request a Distribution Eligibility Certificate for:
- Severance from Employment
The participant support line is available Monday through Friday (excluding holidays) from 7:00AM to 6:00PM Central time.
Retirement Manager Support Line: 1-866-294-7950
|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.