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.
Go to the Department of Personnel Administration's Savings Plus Program official website or contact a representative at (855) 616-4776 to learn more about the program, verify your eligibility and enroll.
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 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.