403b and 457 Voluntary Retirement Plans
TSA Consulting Group, Inc. (TSA) is our third-party administrator for our 403b and 457 voluntary retirement plans. 403(b) and 457 plans serve to supplement employer sponsored pension plans. Contributions to these plans are taken via a pre-tax payroll deduction. These retirement plans offer employees the opportunity to save pre-tax and post-tax money for retirement, up to the IRS limit for each plan type.
Participation is voluntary and deposits are made through payroll deduction. Employees may enroll and make changes to contributions at any time.
We have included the website specifically designed for Lake-Sumter State College employees. Here you can find a wealth of information relating to the available retirement plans, plan documentation, approved providers list, an employee educational video, and the forms necessary to complete actions such as distributions or hardship withdrawals.
403(b) Savings Plans
All Lake-Sumter State College employees can participate in a voluntary 403(b) Savings Plan, including a pre-tax 403(b) and/or a Roth 403(b). Both are excellent options for employees when retirement planning and are only available to Lake-Sumter State College employees.
A pre-tax 403(b) Savings Plan account allows participants to save money for retirement while reducing their income tax liability.
A Roth 403(b) account allows participants to pay taxes on contributions now but will receive qualified withdrawals (including earnings) tax-free at retirement.
Florida Deferred Compensation Plan (457)
All Lake-Sumter State College employees are eligible to participate in the Florida Deferred Compensation Plan with a pre-tax and Roth option available. Enrollment is completed through their website.
The Florida Deferred Compensation Plan is an excellent resource for Lake-Sumter State College employees to increase their retirement savings. Participants work directly with their chosen provider company to invest their funds, diversify their investment portfolio, and manage their accounts.
- A pre-tax 457 account allows participants to save money for retirement while reducing their income tax liability.
- A Roth 457 account allows participants to pay taxes on contributions now but will receive qualified withdrawals (including earnings) tax-free at retirement.
The Florida Deferred Compensation Plan is available to all Lake-Sumter State College employees and is portable to other participating State of Florida employers.
Contributions are payroll deducted on a pre-tax basis for pre-tax 457 participants and/or on a post-tax basis for Roth 457 participants. These contributions are forwarded to the participant’s selected investment company.
403(b) 457 Annual Plan Summary Information
Related
Alternate Retirement Plan
Florida Retirement System (FRS)
Medicare
