403(b) Plan - City Colleges of Chicago
Comparison of the 2011 City Colleges of Chicago (CCC)
403(b) and 457(b) Retirement Plans
|Plan Feature |403(b) Plan |457(b) Plan |
|Eligibility |All full and part-time employees except student employees and work study employees. |
|Contributions |You can contribute a specific dollar amount or up to 75% of your salary each pay period through bi-weekly |
| |pre-tax salary deferrals. You can contribute to both plans concurrently or to either plan individually in any |
| |order. |
|Basic Annual Contribution |$16,500 per plan and $33,000 for both plans combined. (The IRS determines the limit each calendar year.) |
|Limit | |
|Age 50 Additional Annual |$5,500 per plan and $11,000 for both plans combined for employees who are over 50 years old or attain the age |
|Contribution |of 50 by December 31, 2011. (The IRS determines the limit each calendar year.) |
|Limit | |
|Total Annual Basic and Age 50 |$22,000 per plan and $44,000 for both plans combined. (The IRS determines the limit each calendar year.) |
|Contribution Limits | |
|Service-Based Catch-up |Employees with at least 15 years of consecutive |Employees within 3 years of Normal Retirement Age (age 60|
|Contributions |service with City Colleges can contribute up to |as defined by SURS) can contribute up to 2 times the |
| |$3,000 per year to a lifetime maximum of $15,000. |basic annual contribution limit—or up to $33,000 for |
| |(Prior year contributions may limit this amount.) |2011. (Prior year contributions may limit this |
| |Employees can make this contribution and the age 50 |amount.) Employees can make the greater of this |
| |additional contribution in the same year. |contribution or the age 50 additional contribution, but |
| | |cannot do both in the same year. |
|Contribution Changes |As a new participant, you can enroll in the Plan at any time. Your contributions will begin the first payroll |
| |after an account has been established with a CCC investment provider. |
| |If you are a current participant you can increase, decrease, resume or discontinue your contributions once per |
| |quarter. |
|Investment Providers |You can invest your contributions with one of 8 |You can invest your contributions with one of 5 |
| |investment providers shown on page 3. |investment providers shown on page 3. |
|Investment Provider Changes |You can change your investment provider at any time. You can also transfer your account balance to another |
| |investment provider or change the allocation of your contributions among the investment options offered by your|
| |investment provider. |
|Comparison of the 2011 City Colleges of Chicago |
|403(b) and 457(b) Retirement Plans Cont. |
|Plan Feature |403(b) Plan |457(b) Plan |
|In-Service Withdrawals |In-service withdrawals are permitted at age 59-1/2 |No in-service withdrawals are permitted. |
| |with no 10% tax penalty. The amount you withdraw is | |
| |subject to income tax. | |
|Loans |Loans are permitted subject to the underlying contract of the investment provider. |
|Unexpected Withdrawals |Hardship withdrawals must meet one of 6 IRS-defined |Unforeseen emergency withdrawals for severe financial |
| |conditions and are subject to income tax plus a 10% |hardships as defined by IRS regulations are subject to |
| |penalty tax, followed by a 6-month contribution |income tax with no tax penalty for early withdrawal. |
| |suspension period. | |
|Distributions |Distribution events are separation from employment, |Distribution events are separation from employment, |
| |retirement, disability or death. All distributions |retirement or death. All distributions are subject to |
| |are subject to income tax. Distributions before age|income tax with no tax penalty regardless of age. |
| |59-1/2 are also subject to a 10% tax penalty unless | |
| |due to death, disability or separation from service | |
| |after attainment of age 55. | |
|Minimum IRS Distributions |Minimum annual IRS-required distributions based on life expectancy must begin no later than age 70-1/2. |
|Rollover Contributions |To avoid taxation on distributions, account balances can be rolled over into IRA’s or to other employer’s |
| |retirement plans that permit rollovers. However, rollover contributions into the City Colleges of Chicago |
| |plans are not permitted. |
Investment Providers
|403(b) Investment Providers |
| | | |
|1) AIG/VALIC - Plan #01195 |2) Fidelity - Plan #50075 |3) Great American - Plan #OTC094 |
|New and current participants |New and current participants |New Participants |
| | |Les Schwartz (847) 998-8143 |
| |Click on “resources” tab for forms |lschwartz@ |
|Customer Service (800) 448-2542 | | |
| |Customer Service (800) 343-0860 |Current Participants |
|Khai Le (312) 214-5496 | |Customer Service (800) 789-6771 |
|Khai.Le@ | | |
| | | |
|4) ING - Plan #VT5590 |5) MetLife Resources - Plan #1002017 |6) Symetra Financial - Plan #LP1020884 |
| | | |
|New participants |New and current participants |New and current participants |
| |Julie Belvedere |Customer Service |
| |Office: (800) 528-1881 |(800) 796-3872 x22299 |
|Current participants |Cell: (708) 710-2050 | |
| | |Susan Ciucci |
| | |(312) 922-3264 x227 |
|Customer Service (800) 873-9150 | | |
| | | |
|Jim Molster (630) 245-4038 | | |
|James.Molster@ | | |
| | | |
|7) The Legend Group |8) TIAA-CREF - Plan #365797 | |
| | | |
|New and current participants |New and current participants | |
| |tiaa- | |
| |Click on “Products and Services” | |
|Customer Service (800) 835-2158 | | |
| |Customer Service | |
|Don Wade, CFP (630) 586-9430 |(800) 842-2888 or (800) 842-2273 | |
|donaldwade@ | | |
| |Press 1 for current participants | |
| |Press 2 for new participants | |
|457(b) Investment Providers |
| | | |
|1) AIG/VALIC - Plan #01195 |2) Fidelity - Plan #84758 |3) Symetra Financial - Plan #LP1020884 |
| | | |
|New and current participants |New and current participants |New and current participants |
| | |Customer Service (800) 796-3872 x22299 |
| |Click on “resources” tab for forms | |
|Customer Service (800) 448-2542 | |Susan Ciucci |
| |Customer Service (800) 343-0860 |(312)922-3264x227 |
|Khai Le (312) 214-5496 | | |
|Khai.Le@ | | |
| | | |
|4) The Legend Group |5) TIAA-CREF Plan #403542 | |
| | | |
|New and current participants |New and current participants | |
| |tiaa- | |
| |Click on “Products and Services” | |
|Customer Service (800) 835-2158 | | |
| |Customer Service | |
|Don Wade, CFP (630) 586-9430 |(800) 842-2888 or (800) 842-2273 | |
|donaldwade@ |Press 1 for current participants | |
| |Press 2 for new participants | |
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- lincoln 403 b distribution form
- lincoln financial 403 b distribution form
- 403 b distribution request form
- 403 b fidelity
- fidelity 403 b account
- fidelity 403 b investment options
- fidelity 403 b retirement plan
- open fidelity 403 b account
- vanguard 403 b account
- 403 b fidelity accounts
- 403 b plans for dummies
- 403 b retirement withdrawal calculator