Opportunity for SBCC Employees to Participate in the 403(B) Retirement Program

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Opportunity for SBCC Employees to Participate in the 403(b) Retirement Program

What is a 403(b) plan: A 403(b) plan is a tax advantaged retirement savings investment plan available for school employees, similar to a 401(k) plan available for private sector businesses. An employee may contribute a portion of salary into a 403(b) plan before income tax is paid, which results in a lower taxable income. Contributions may grow tax-free until the money is taken out of the plan at retirement.

Who can participate: Participation in the 403(b) program at Santa Barbara City College is open to all employees with the exception of student workers. A minimum contribution of at least $200 per year is required.

Choose an investment: Objective information about 403(b) Providers and the products they offer can be found at https://www.403bcompare.com/Default.aspx . This site was created to help school employees make better-informed investment decisions by offering information about:  403(b) investment options, fees involved and product performance history.  General retirement planning and educational materials.

403(b ) Maximum Contrib ution Limits

Cale ndar Base limit* f or individ uals Base limit* f or individuals Ye ar unde r age 50 age 50 and ab ove

20 11 $16,500 $22,000

THIRD PARTY ADMINISTRATOR (TPA)

Envoy Plan Services has been selected as the TPA for SBCC. As the TPA, Envoy will provide legal and regulatory services that ensure compliance with IRS and state laws.

These administration services have a monthly charge of $3 (September through June) per participating employee. The fee is paid by the participating employee.

You will be able to obtain a list of the Providers in the Plan by visiting Envoy’s website at www.envoyplanservices.com . Click on “Client Center-Access Forms and Provider List”, and then click on the District’s section of the website to locate the information and forms.

If you have questions regarding 403(b) participation, please contact Envoy Plan Services directly at:

211 East Main Street, Suite 100 Lakeland, FL 33801 Toll Free (800) 248-8858 or (800) 430-7999 - Fax (877) 513-2272

Once you have selected and completed paperwork with your company of choice:  Complete a Salary Reduction Agreements (SRA) and submit it directly to Envoy for processing. The SRA must be received no later than the last business day of the month to affect your pay check for the following month.  Example: A TSA amount change effective for the January, 2011 pay check will need to be submitted to Envoy by December 31, 2010.  An SRA can be obtained on Envoy’s website at www.envoyplanservices.com .

Updated 8/9 /1 0