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Voluntary Retirement Savings
Employees or retired employees receiving a retirement allowance from a state pension system, are eligible to participate in a supplemental tax-deferred annuity program. You can choose from six 403(b) investment carriers, Prudential Deferred Compensation Plan and/or SACT.
The IRS has announced Retirement Plan Limits for 2010. 403(b) plans and Deferred Compensation 457 have new annual deferral limits of $16,500. If you are age 50 or over, you can defer an additional $5,500.
As a state employee, who is under age 50 you can defer up to $16,500 in your 403(b) and/or 16,500 in your Prudential Deferred Compensation plan. If you contribute the maximum amount to both plans, this would be a total pre-tax contribution of $33,000.
As a state employee who is age 50 or over you can defer up to $22,000 in your 403(b) and/or $22,000 in your Prudential Deferred Compensation 457 plan. If you contribute the maximum to both plans this would be a total pre-tax contribution of $44,000. You can tax defer any amount from 1 to 85% of your gross biweekly wages.
Participants can direct voluntary contributions among seven authorized investment carriers. Each carrier provides a selection of investment choices to meet the needs and goals of retirement planning.
The State of New Jersey offers the following voluntary investment plans:
Prudential Deferred Compensation Plan.
Supplemental Annuity Collective Trust Fund of New Jersey.
Six 403(b) Investment Programs with the following carriers:
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AIG
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Axa-Equitable
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Hartford
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ING
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Metlife
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TIAA-CREF
Please visit our website http://www.tcnj.edu/~hr/benefits/index.html for additional information on the investment carriers. If you have any questions, please contact Christina Rush, x2730 or crush@tcnj.edu today, to start or modify your voluntary retirement savings.
