403(b) Plan



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 | |

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