TSA plan
Plan details
Welcome to your TSA retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
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TSA overview
The University of Northern Colorado sponsors a supplemental 403(b) retirement plan (the "TSA"). Eligible employees can voluntarily elect to defer a portion of their compensation to the TSA to supplement their retirement savings. The TSA is a supplement to the ORP (and PERA). Participation in the TSA does not reduce any University benefits based on full salary.
Who is eligible?
In general, employees who work at least half time or more or who work 20 hours or more per week on a biweekly basis are eligible. All academic faculty, state classified and administrative professional employees are eligible to contribute to a TSA.
Starting early has its advantages
How much is contributed?
Generally, employees can contribute up to 100% of their gross salaries up to the maximum IRS contribution limit. In addition, you may be eligible to contribute additional catch-up amounts if you meet the conditions below.
When are the contributions to my TSA plan vested?
Immediately.
How are these contributions invested?
Your contributions are invested in an annuity issued by The Variable Annuity Life Insurance Company. You may choose from a variety of funds including our stable value (interest bearing) Fixed Account Plus and/or our variable options. Your financial advisor will meet with you personally to design an investment program based on your goals, risk tolerance and time horizon, and will conduct a face-to-face annual review of your investments -- more often if you desire.
Accessing your money before retirement
When can I take a distribution from my TSA account?
You may take a distribution from your TSA account following the date:
you terminate employment,
you attain 59½ or older,
you become disabled, or
your death.
A participant on qualified military leave for more than 30 days will be considered to have terminated employment for purposes of taking a distribution from his or her TSA account.
Please note that income taxes are payable upon withdrawal and federal restrictions and a 10% tax penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
May I take a loan from my TSA plan?
Yes, loans are available. Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Please note that defaulted loan amounts will be taxed as ordinary income and may be subject to a 10% federal tax penalty if the employee is under age 59½.
I have a retirement plan from a previous employer. May I transfer this account to my AIG Retirement Services TSA plan?
Yes, if your previous employer's plan allows transfers.
What happens to my account if I leave the University of Northern Colorado?
Subject to the terms of your TSA account at AIG Retirement Services, you may leave the account invested in the TSA, take a distribution, or roll the account assets to an eligible retirement plan.
What is the Guaranteed Death Benefit?
In the event of your death prior to age 70, your beneficiary(ies) will receive the greater of either the value of your account or the sum of your contributions plus interest at an annual rate of 2% reduced by any prior withdrawals. The Guaranteed Death Benefit also applies to any assets that you transfer from other retirement plans. Guarantees are backed by the claims-paying ability of The Variable Annuity Life Insurance Company.
An array of investment choices
The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
- FOR TSA PLAN: View the entire list of funds and performance. (Please note: It may take a few minutes to load the performance.)
To obtain a Portfolio Director® contract and underlying fund prospectuses, visit www.valic.com or call 1-800-428-2542 (press 1, then 3). The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Applicable to Portfolio Director Fixed and Variable Policy Form series UIT-194, UITG-194 and UITG-194P.