403(b) Universal Availability Notification
This notice is to inform you that as an employee of Lansing Community College, you are eligible to participate in the College-sponsored 403(b) retirement plan.
Who is Eligible?
LCC’s 403(b) Plan allows for all full-time and part-time (non-student) employees to participate in the Plan. If you are currently not a contributing member and wish to become one, you must first open an account with one of the College’s approved Investment Service Providers. You may only select an Investment Service Provider that has been approved by LCC.
Who is an Approved Investment Service Provider?
Lincoln Financial, Waddell & Reed, and TIAA-CREF are all approved providers. Information about each provider can be found at: http://www.lcc.edu/hr/tsa/fund_sponsors.aspx
How do I Make My Salary Deferral Elections?
After opening an account with one of the Plan’s approved Investment Service Providers, you will need to complete a Salary Reduction Agreement. You may obtain this form on the HR Benefits website at http://www.lcc.edu/hr/tsa/. By completing the salary reduction agreement, you are confirming that you have established the necessary accounts with your selected Investment Service Provider(s) to participate in the Plan. Your salary reduction agreement also confirms the proper amount of deferral you intend to have withheld from each paycheck.
How Much Can I Contribute?
You may contribute up to $18,000 to your 403(b) account in 2016 through salary deferrals. Additional amounts may be deferred based on your age, years of service, or other factors. Please consult with your selected Investment Service Provider for more information regarding contribution limits.
If you have any questions, please contact the Human Resources Office at (517) 483-1870.