Changes to the IRS Code in 2002 made Tax Deferred Supplemental Retirement programs, which include 403(b), 457(b) and 401(k) plans, more attractive than ever before. All faculty and staff members, both regular and contingent/part-time, are eligible to participate in these plans which are offered by AIG (VALIC), American Century, ING (Aetna), Nationwide Retirement Solutions (PEBSCO) and TIAA-CREF. New enrollments and changes can be done at any time throughout the year. In 2004, the basic maximum allowable contribution is $13,000 for all employees while those over 50 years old are able to contribute an additional $3,000. For those who are looking to maximize their pre-tax salary contributions, it?s possible to double their basic maximum by contributing both to a 457(b) plan and either a 403(b) or 401(k) plan. Of course, smaller contributions can be made with the minimum amount being $5.00 per pay period.
A new summary packet of information on Towson University?s Supplemental Retirement program has been sent to all faculty and staff employees through campus mail. Be sure to review the information and also take advantage of the personal one-on-one advising sessions offered again this semester. These sessions are a great way to find out more about how the changes in the tax law affects the plan(s) of your choice and/or to discuss details of your current accounts with your plan representative. Appointments are necessary for these 30-minute sessions and are available on a first come, first served basis by contacting Gail Price, x46017 email: {gprice@towson.edu} The schedule can also be accessed by going to the Benefits page of the Towson University Office of Human Resources website {http://wwwnew.towson.edu/hr/benefits.html} and clicking on Supplemental Retirement/ORP 1:1 Schedule under Forms.
Please note that the email address in the spring 2004 Supplemental Retirement Plan summary packet for Howard Pinson, the new representative for ING (Aetna), should be {hpinson1@comcast.net}.
Questions should be directed to Dave Curtis, x46018 email: {dcurtis@towson.edu} or Gail Price, x46017 email: {gprice@towson.edu}
