Supplemental Retirement Plans

COVID-19 Retirement Updates

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.

Plans

  • 403(b) plan
  • 457(b) plan

* Alert - The contribution limits for the 403(b) and 457(b) for calendar year 2021 are $19,500 (under age 50) and $26,000 (age 50 and over).  Limits are independent of each other and contributions towards mandatory state retirement plans do not count towards these limits.

 

403(b) and Roth 403(b) Plans

The 403(b) plan allows LSU employees to contribute additional money to retirement through paycheck deductions.  Accounts are available through AIG, Fidelity, and TIAA.

Roth 403(b) feature provides an additional way to save for retirement. Employees may make contributions on an after-tax basis under the Roth option, on the pre-tax basis under the 403(b) plan, or a combination of the two. Although the Roth option doesn't change how much can be contributed, it does provide more control over when contributions - and retirement income - will be subject to federal income tax. If an account is open for at least five years and the employee has turned age 59 1/2, every cent in a Roth 403(b) could be withdrawn tax-free.

Plan Fees/Costs

Fee/Cost Type

TIAA

AIG

Fidelity

Administrative Fee %

0.125%

0.38%

0.13%

Investment Cost %*

0.16%

0.16%

0.16%

Total Cost %

0.285%

0.54%

0.29%

*Unweighted average of available funds

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.

Enrollee and Participant Considerations New Enrollees Current Participants
Compare benefits offered by each vendor X X
Confirm all costs associated with your investment options X X
Confirm any changes and restrictions associated with your existing contract before initiating a transfer   X

 

Step 1. Set up Paycheck Contribution

Visit www.MyRetirementManager.com to register, choose your paycheck contribution amount and select your vendor. Retirement Manager Instructions

Step 2. Enroll with Your Chosen Vendor

Once you have selected your vendor, visit their website to set up your account and enroll in the Plan.

403(b) Fee Information

 

 

457(b) and Roth 457(b) Plans 

The 457(b) plan offers LSU employees one option through the State of Louisiana Deferred Compensation Plan with Empower Retirement. This plan allows employees to defer a pre-tax portion of earnings into a supplemental retirement account. 

The Roth 457(b) feature provides an additional way to save for retirement. Employees may make contributions on an after-tax basis under the Roth option, on the pre-tax basis under the 457(b) plan, or a combination of the two. Although the Roth option doesn't change how much can be contributed, it does provide more control over when contributions - and retirement income - will be subject to federal income tax. If an account is open for at least five years and the employee has turned age 59 1/2, every cent in a Roth 457(b) could be withdrawn tax-free. 

Enrollment/Contribution Changes

Enrollment Instructions - Empower login information.

Current participants can make deferral changes online at Louisiana Public Employees Deferred Compensation Plan website

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.

Enrollee and Participant Considerations New Enrollee's Current Participants
Compare benefits offered by each vendor X X
Confirm all costs associated with your investment options X

X

Confirm any changes and restrictions associated with your existing contract before initiating a transfer  

X

Enrollment Instructions

Current participants can make deferral changes online at www.louisianadcp.com

457(b) Fee Information

 

Safety and health are of the utmost importance to all of us at Empower Retirement.  We understand the importance of being available to employees during this challenging time. With the current concerns surrounding the Coronavirus, Empower Retirement is taking the responsible and necessary precaution of implementing virtual WebEx or telephone meetings instead of in-person meetings. Our technology allows us to deliver the same features and services that an in-person meeting would allow; albeit, in a safer and more private environment.  If  employees would like to schedule a convenient virtual/telephone meeting, they may CLICK HERE

 

Need Help? Schedule an Appointment with a Representative

Contribution Limits

Annual Maximum Deferral Amount = $19,500

Annual Maximum Deferral Amount for participants age 50 and older = $26,000

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 Supplemental Retirement Plans or the level of service and we urge you to fully review the product before you participate.