What about benefits? 403(b) retirement plan available to all employees

LCC offers an array of benefits to employees, but understanding those benefits can be confusing. Each week, Human Resources hopes to explain the many facets of our LCC benefits.

This notice is to inform you that as an employee of LCC, 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 are all approved providers. Information about the plan and providers can be found on this Tax Sheltered Annuity Program Summary.

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 Tax Sheltered Annuity Program Summary. By completing the salary reduction agreement, you are confirming 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.   

The Salary Reduction Agreement form can be faxed to the Payroll Department at 517-483-1844, or mailed to the following address:
Lansing Community College
Payroll Department, WCP254
309 N Washington Sq, Ste 203
Lansing, MI  48933

How much can I contribute?
You may contribute up to $19,500 to your 403(b) account in 2020 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 or Payroll Department at 517-483-1799.