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Cal Poly Pomona

Upcoming Changes to the CSU TSA Program

 

Picture of a hummingbird at Cal Poly Pomona.

To help you save and invest for your retirement, the California State University (CSU) provides all eligible employees the opportunity to participate in the Tax Sheltered Annuity (TSA) Program.  The TSA Program is a 403(b) plan, which offers tax advantages when you use it to save for your retirement.

Upcoming Program Changes

Recently, the Internal Revenue Service updated the guidelines for 403(b) plans in an effort to place a greater responsibility on plan sponsors such as the CSU.  As a result of these new guidelines, the CSU is required to make changes to the administration of the our TSA Program. The changes will include the following:

  • Implementation of a Master Administrator
  • Consolidation of Fund Vendors and Fund Options
  • New Plan Administrative Committee Responsible for Oversight

Further details about these changes are included in a letter that was sent to current TSA participants in early August.  You may view this letter through the following link:  Changes for 2009 .

What to Expect

As we await final information from the Chancellor's Office, we want to let you know what you can expect to see by the end of October:

  • An announcement by Chancellor Reed introducing the restructured CSU TSA Program, followed by a short on-line presentation explaining the program and how to enroll.
  • A TSA Program brochure designed for non participants (including new hires) explaining the restructured program and encouraging enrollment.
  • An enrollment kit, which will be mailed to the homes of current participants in late October.
  • New Frequently Asked Questions (FAQs) to be posted on the CSU Systemwide Benefits Portal  before the end of October.

TSA Open Enrollment

The Chancellor's Office will be implementing a special Open Enrollment Period specifically for the CSU TSA Program to run November 3-28, 2008 .  The effective date for these transactions will be January 1, 2009.  The enrollment kit, due out in late October, will have step-by-step directions for enrollment.

Fund Vendors

Everyone is inquiring...what companies will the CSU include in the new TSA Program?  The Chancellor's Office has not yet announced this information, as they are in the final process of selection/contracts.  It is unclear if campuses will be given advance notice as to the contracted companies before the Chancellor's Office disburses the information directly to employees.  However, as soon as this information is available, we will post it on our  Benefits Webpage.

We appreciate your patience during implementation of these changes.  The Chancellor's Office indicates these changes will not only comply with the IRS updated rules, but will ensure CSU employees have access to a selection of top-quality funds and result in a more straightforward experience for all TSA Program participants.

Please contact our office at ext. 3734 or 3735 if you have any questions. 

Ghazala Khan
Benefits Analyst
Human Resource Services
Cal Poly Pomona