457 b TSA Plan

Yet another way to supplement your retirement, in addition to (or in place of) 403b plans is a similar tax-deferred retirement  savings oppotunity called a 457b deferred compensation plan.  This plan is available t though the LACCD administered through  the exclusive  vendor, TIAA-CREF.

Contribution Limits:  457(b)’ s let you contribute up to $13000 in 2004 (and increase by $1000  yearly  to $15000 in 2006).  All contributions are pre tax dollars.   After 2006, contribution limits will be indexed to COLA with annual increases in increments of $500.  Additionally, participants aged 50 or over may pay “catch-up” contributions of an extra $3000 in 2004, ratcheting up to an extra $5000 in 2006. 

Payout Options:  Funds can be made available in a variety of ways:   severance from service;

retirement;   reaching age 70 1/2;  death;  an “unforseeable emergency” – subject to agreement with the district.   Payment choices include lump sum withdrawals, a fixed period (from 5 to 30 years) annuity, a lifetime annuity, and other options.

You may rollover funds from other plans from other employment and, unlike 403(b)’s, there is no 10% penalty for early withdrawals (prior to age 59 1/2) unless amounts came from a rollover of a 403(b) or 401(k) or an IRA.

Participants will have 10 investment options to allocate their contributions  from among equities, fixed income funds, real estate, and guaranteed annunities.

How To Enroll Online:  There is a quick and easy way for you to enroll with TIAA-CREF under the Los Angeles Community College District (LACCD) 457(b) Deferred Compensation Plan. Using Online Enrollment, You will enter basic information about yourself, choose your allocations, make your beneficiary designations, verify everything is correct, and you're done. It's that simple.

You will need your Social Security number to get started. Here's what to do:

Online

Step 1: Go to www.tiaa-cref.org

Step 2: Under "Getting Started," select "Applications by mail or online"

Step 3: Under "Fill out an application right now," select "Employer-Sponsored Retirement Plans."

Step 4: Insert This access code: CAKR89.

Step 5: Follow the prompts!

NOTE: The online enrollment facility includes several model portfolios to help you choose a mix of allocations that seek to meet your goals and tolerance for risk.

A prospectus containing more complete information regarding the mutual funds1 and variable annuity accounts is available online and should be reviewed carefully before you allocate funds or make any changes.

FOR HELP:  Step 1: For assistance with this process, please call 800-842-2888 weekdays from 5:00 a.m. to 7:00 p.m. PT, or Saturday from 6:00 a.m. to 3::00 p.m. PT.

Step 2: Provide your Social Security number and we will guide you through the entire online enrollment process, including help in determining your asset allocation strategy and deciding which TIAA-CREF accounts are right for you.

You will then receive verification of your enrollment and your savings for retirement can begin!

If you are an employee who does not have Internet access, please go to a convenient library on campus and follow the instructions as outlined on this form.