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Retirement Options
TIAA-CREF
For more than 85 years, TIAA-CREF has
been helping millions of people working in the academic, medical, and
cultural fields plan for their retirement. Their clear and
long-held commitment to serve those who dedicate themselves to the
benefit and enlightenment of others remains unchanged
With their nonprofit heritage, TIAA-CREF
has long subscribed to a different set of guiding principles directly
influenced by the people they serve. With the experience of
managing over $400 billion in combined assets, their approach to
investing goes beyond sound portfolio management. They are mindful
of their social responsibilities. And they stay focused on the
best interests of their participants.
The mission they embarked on in 1918
still rings true today. TIAA-CREF is one of the few certainties in
a shifting financial world. They were there when you began your
career helping others. And they will be there when you're ready to
retire.
After you've enrolled with TIAA-CREF, you
can access your account information in 3 ways:
Contact them online at
www.tiaa-cref.org to:
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Change allocation of future
contributions.
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Transfer existing assets.
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Sign up for e-delivery of statements,
transactions confirmations and prospectuses.
Call them at 1-800-842-2776 to speak with
a TIAA-CREF Consultant regarding questions or concerns about your
account. To make an appointment by phone, call 1-866-928-4221.
Call their automated telephone service
for automated transactions such as allocation changes or transfer, or to
find out the latest variable annuity unit values and TIAA Traditional
interest rates, call 1-800-842-2252 anytime, day or night.
For more complete information about TIAA-CREF, check out their homepage at
www.tiaa-cref.org
VALIC
VALIC has more than half a century of experience helping Americans
plan for and enjoy a secure retirement. They provide real solutions for
real lives by consistently offering products and services that are
innovative, simple to understand and easy to use. They take a
personal approach to retirement plans and programs, offering customized
solutions for individual needs.
VALIC
products are built on deep market knowledge. Together they can
help you live retirement on your terms.
Why
Choose VALIC?
At VALIC, their mission is
to help Americans plan for and enjoy a secure retirement.
Historically, their focus has always been saving for
retirement. Their longstanding specialization means
they can help you effectively accumulate funds for
retirement. What's more, are you aware that they can
help you manage those funds to maintain an income stream
during retirement?
They offer an array of innovative
financial products and services. In other words, they
offer choice. And a big part of that choice is the
ability to customize their products and services to sit
individual clients' needs because they know that financial
and retirement planning is definitely not a
one-size-fits-all situation.
LCSC's Financial Advisor for VALIC is Brian Armstrong.
If you have any questions, regarding VALIC or your account, call Brian
at 208-755-0468.
After
you've enrolled with VALIC, you can access your account
information by visiting
www.valic.com.
PERSI
The
Public Employee Retirement System of Idaho (PERSI) is a
defined benefit retirement plan designed to provide
meaningful retirement benefits for employees who choose
careers in public service. Because it is a defined
benefit plan, the lifetime allowance you receive at
retirement is not directly dependent on the amount of
money you contribute to PERSI.
PERSI
membership is made up of employer units and their
employee members throughout the state. By law, the State
of Idaho and school districts are PERSI members.
When
you begin working for a PERSI employer unit and you meet
the basic requirements for membership, you automatically
become an active member of the Retirement System. Your
employer will take a designated amount from your paycheck
every pay period and will deposit that money, along with
your employer's contribution, into a retirement fund.
Membership:
You
automatically become a member of PERSI if:
You
are not eligible to join PERSI
if:
Your employment period
does not total five consecutive months, or
You are a faculty or a
non-classified employee of Lewis-Clark State
College. EXCEPTION: If you were
a PERSI member immediately before your date of
hire, you may remain in PERSI.
Contributions:
Your
rate of contribution to PERSI - the amount that is
deducted from your paycheck each month - is, by statute,
a percentage of the employer contribution rate. The
employer contribution rate is set by the Retirement
Board. Its decision is based on several factors: the
system benefit levels, how many members are in the
system, the age and average life expectancy of those
members and the system's unfunded liability.
Contribution
Rate as a Percent of Pay:
For
more information, please look at
www.persi.idaho.gov
or call 800-451-8228.
PERSI Choice Plan
401(k)
Joining
the PERSI Choice Plan 401(k) may be one of the smartest moves you'll
ever make. It would be hard for you to find a faster, easier way
to accumulate money for the future. And, the sooner you join, the
more substantial that money can be.
One of the
most important features of the PERSI Choice Plan is its tax advantage.
When you save with pre-tax dollars, you do not pay federal income tax on
that money until it is withdrawn. So, you have the opportunity to
earn investment returns on money that normally would immediately go to
the government. Because your pre-tax contributions are deducted
from your pay before federal income taxes are figured, your current
taxable income is lowered. You will pay less taxes out of your
paycheck and you defer taxes on your contributions until you take a
distribution from the Plan.
Who can
Join
All active
PERSI Base Plan members may immediately join the PERSI Choice Plan
401(k).
How to
Begin Payroll Deductions
To begin
making pre-tax contributions, complete a
Choice Plan 401(k) Deferral Election Form and return it to Human
Resource Services.
Vesting
Vesting is
your "ownership" of your Choice Plan funds. You are 100% vested to
all money in your Choice account.
If you
need help understanding any other terms call a Choice Plan
Representative at 1-866-437-3774 or visit
http://www.persi.idaho.gov/Choice.htm to learn more about this plan.
Supplemental
Retirement Accounts
As an employee of
Lewis-Clark State College, you are eligible to participate in a variety
of pre-tax investment options through payroll deduction. If you would like more
information about the investment options, please contact Human Resource
Services at
792-2269 or visit your Human Resource Services Office. To begin
making contributions, complete a
Salary Reduction
Agreement Form and return it to Human Resource Services.
403B
TAX SHELTER PLANS - PRE TAX:
457 TAX SHELTER PLANS - PRE TAX:
(Deferred Compensation Plans)
401K
Option - PRE TAX:
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