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403(b) Plan

 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.  All SBCC employees (except student workers) 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 voluntary and 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 www.403bcompare.com. 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.

See the chart below for the maximum contribution limits for 2013.

Year 403(b) TSA
2013 Basic Limit $17,500
Age 50+  Catch-up $ 5,500
Total $23,000

Third Party Administrator (TPA):  Envoy Plan Services has been selected as the TPA for SBCC.  As the TPA, Envoy provides 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.

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 November 30 pay check will need to be submitted to Envoy by October 31.
  • The SRA can be obtained on Envoy’s website at www.envoyplanservices.com.

 

 

ENVOY PLAN SERVICES -- WEBSITE INSTRUCTIONS  

Getting Started:

  • Go to www.envoyplanservices.com
  • Click onto Client Center; then Click on your State, County and Employer.
  • You are now on your Employer’s home page on the Envoy Plan Services Website
    • 403(b) Providers – A complete list of Approved 403(b) Providers currently available in the Plan is listed on the Employer’s home page
    • Forms Tab – A Forms Tab is at the top of the home page. Clicking on this tab will provide you with Definitions, Enrollment Procedures, Plan Highlights, Salary Reduction Agreements (SRAs), Transaction Request Instructions and the Transaction Request Form. Please download applicable forms and read carefully
    • Frequently Asked Questions – A list of frequently asked questions and the responses to these questions is provided for your reference.
    • Educational Videos are provided for your viewing.

IMPORTANT NOTE: If you have a 403(b) plan account with a previous employer, you must establish a new account to enroll in this plan. Your salary deferral contributions in this employer’s 403(b) plan cannot be invested in the 403(b) plan of a previous employer.

Step 1: Enrolling with a 403(b) Provider:

  1. Locate the provider of your choice from the list on your Employer’s home page.
  2. Contact information is listed for each approved provider.
  3. Contact that Provider directly to request enrollment forms and instructions.
  4.  Work directly with the provider to complete their enrollment process. (Envoy Plan Services will not accept Provider enrollment forms).

Step 2: Establish Salary Reduction Agreement (SRA):

After you have established your 403(b) account, you will need to submit a completed SRA to begin your payroll deduction contributions.

Paper: To obtain a paper SRA form login to the website at www.envoyplanservices.com

  1. Click on Customer Service Center
  2. Click on your state, then country, then your Employer’s section
  3. Click on the Forms tab, then Salary Reduction Agreement
  4. Complete the SRA form (it is a fillable PDF file), print it, sign and date and fax it to Envoy’s toll free fax number 877-513-2272.

Online: To submit an online SRA logon to Envoy’s website at www.envoyplanservices.com and click on the red Login Button at the top right of the page.

  1. Username: enter your Social Security Number (SSN)
  2. Password: your default password will be the last 4 digits of your SSN
  3. If this is your initial login, go to the next page for instructions on how to change your password to a more personal and secure one. Otherwise, you will be directed to the Main Menu.
  4. The SRA must be received by Envoy no later than the last business day of the month prior to the month that you want your first payroll deduction or the date you would like the change(s) to be effective.

 

 

 Transactions -- Transactions for the Plan include: loans, transfers, rollovers, contract exchanges, and all distributions.

  • All transactions must be sent to Envoy for approval prior to submission to your provider for processing.
  • To submit a transaction request to Envoy for approval follow the steps below.

Paper:         

  1. Contact your provider and request their specific paperwork
  2. Go to Envoy’s website and obtain the Transaction Request Form and Instructions (located from Envoy’s website home page under Forms and Tools)
  3. Complete and mail all of the paperwork to Envoy at the address below, or you can fax the paperwork toll free at 877-513-2272.

Online:

  1. Logon to Envoy’s website at www.envoyplanservices.com and click on the red Login Button at the top right of the page
  2. Username: enter your Social Security Number (SSN)
  3. Password: your default password will be the last 4 digits of your SSN
  4. If this is your initial login, go to the next page for instructions on how to change your password to a more personal and secure one. Otherwise, you will be directed to the Main Menu.

 

ENVOY PLAN SERVICES, INC.

c/o MidAmerica

200 E. Main Street, Suite 100, Lakeland, FL 33801

(800) 248-8858 Toll Free Phone Number   ***   (877) 513-2272 Toll Free Fax Number

Email Envoy at: info@envoyplanservices.com ***   Website: www.EnvoyPlanServices.com

 


721 Cliff Drive Santa Barbara, CA 93109-2394    Main Campus Phone: 805.965.0581    © 2014 Santa Barbara City College