Savings Plans

There are three kinds of tax deferred plans: 403(b), 401(k) and 457. The differences are outlined in the side-by-side comparison chart (.pdf). Both the 401(k) and 457 plans are administered by the Department of Personnel Administration’s Savings Plus Program (SPP).

Savings Plus Program 401(k) and 457

Eligible employees may participate in the IRC 401(k) Thrift Plan and the IRC 457 Deferred Compensation plans.
Administered by the Department of Personnel Administration (DPA).
Allows a maximum pre-tax deduction of $16,500 for the 401(k) plan and $16,500 for the 457 plan for 2009.
There is no employer matching contribution.

Enrollment information:

Go to the Department of Personnel Administration's Savings Plus Program official website or contact a representative at (866) 566-4777 to learn more about the program, verify your eligibility and enroll.

Eligibility:

The following employees are prohibited from joining the 457 and 401(k) plans: seasonal or temporary employees required to be enrolled in the Part-time, Seasonal and Temporary Employees Retirement Program (PST Program).

Special Rules:

Special rules apply to employees who participate in more than one plan.

Additional SPP Links:

For additional information regarding the Tax Sheltered Annuity 403(b) program, please visit the Sac State CSU Tax Sheltered Annuity web page.

If there is a discrepancy between this information and the official plan documents and contracts, the official documents will always govern.