Human Resources

Supplemental Retirement Plans

photo of an employee walking on campus

About Supplemental Retirement Plans

At Wright State University, two Supplemental Retirement Plans are available to all faculty (including adjunct faculty) and staff members to invest via payroll deduction on a pre-tax basis to either a 403(b) or a 457(b) account.
 

Frequently Asked Questions

  • What is a 403(b) plan or a 457(b) plan?

    403(b) and 457(b) plans are tax-deferred retirement plans available to employees of public educational institutions such as Wright State University. These plans allow you to make pretax contributions (“deferrals”) by convenient, payroll deduction in order to save money for your retirement. These deferrals are then deposited into the account that you set up with an approved provider.

    Pre-tax amounts deferred into a 403(b) or 457(b) account, and any earnings on those deferrals, are generally not taxed until you make a withdrawal from the account following a distributable event as described below.

    The 403(b) and 457(b) plans were created to encourage long-term savings. Distributions are generally available when you reach age 59 ½ and mandated at 70 ½ years of age. As you discuss the 403(b) or 457(b) with the vendors, you may wish to talk about distribution opportunities when you leave employment or loan opportunities. Distributions may also be available in the event of hardship, unforeseeable emergencies, death, or disability. Bear in mind that distributions before age 59-1/2 might be subject to federal restrictions and a federal tax penalty.

  • Why contribute to a 403(b) or a 457 (b) plan?

    Participating in one or both of these plans can provide a number of benefits, including the following:

    • Lower taxes today

    You contribute before income taxes are withheld – which means you're currently taxed on a smaller amount.

    • Tax-deferred growth and compounding interest

    In these plans, your interest and earnings accrue tax deferred. That means interest on your interest also grows tax deferred. The compounding interest allows your account to grow more quickly than saving in a taxable account where interest and earnings are generally taxed each year.

    • Take the initiative

    Contributing to either one or both of these supplemental retirement plans can help you take control of your future. Other sources of retirement income, including state pension plans and, if applicable, Social Security, rarely replace a person's final salary upon retirement. That's why it's up to you to make sure you'll have enough money for retirement.

  • How do I get started?

    If you are not currently participating in one of the plans, you may want to consider making pre-tax contributions to one of these plans.

    In order to do so, you will need to determine which company you would like to invest your contributions with. You will need to contact the investment provider directly to obtain and submit all necessary paperwork to open the account. A list of approved investment providers can be accessed at https://www.wright.edu/human-resources/benefits/retirement/tax-deferred-annuities.

    After establishing the account, you will need to make an election regarding how much of your compensation you wish to defer to the plan. In order to set-up your deferral, you need to register with the Retirement Manager System (WSU’s Third Party Administrator). Please review the information provided in the following section on how to contribute.

  • What do I need to do in order to contribute to one or both of these plans?

    To start your contributions, or make a change to the amount you already contribute, you must submit deferral elections via the Retirement Manger System (WSU’s Third Party Administrator). The Retirement Manager System can be accessed at https://www.myretirementmanager.com/?wsu. Additional information including a customer service number and quick reference guide for registration with Retirement Manager is available at https://www.wright.edu/human-resources/benefits/retirement/retirement-manager.

    Deferrals can be changed at any time throughout the year. However, all changes must be made in Retirement Manager System before the established deadlines. Per IRS guidelines, deferral changes to 457(b) plans must be made prior to the beginning of the month in which the contribution would be made. For a listing of deadlines for 403(b) and 457(b) changes, please visit https://www.wright.edu/administration/payroll/schedule.html.

  • How much can I contribute to the 403(b) and/or 457(b) Plan?

    For 2020, you may elect to contribute up to $19,500 into both a 403(b) and/or 457(b), totaling $39,000. Additional catch-up contributions may be permitted if certain criteria are met. Specifically, if you attain age 50 at any time in 2020, you may make an additional contribution known as a “catch-up contribution.” The additional amount that you may defer is $6,500 in each.

  • Where can I find contact information for the Wright State approved 403(b) and 457(b) providers?

    A complete listing of all approved tax-deferred annuity vendors with contact information can be found on the Department of Human Resources website at https://www.wright.edu/human-resources/benefits/retirement/tax-deferred-annuities.

     

Questions regarding this information can be directed to hr_benefits@wright.edu.

This notice is not intended as tax or legal advice. Neither your employer nor the investment providers offering retirement savings products under the 403(b) and 457(b) Plan can provide you with tax or legal advice. Employees are encouraged to contact their financial representative or tax professional with any questions.
 

403(b) and 457(b) Vendor Contacts

Tax-deferred annuities, tax-deferred custodial accounts, and Section 457(b) Deferred Compensation Plans enable you to save for retirement without paying current federal and Ohio income taxes on the amount saved. Faculty and Staff may contribute on a voluntary basis to one or more tax-deferred annuity carriers, mutual fund groups, and deferred compensation plans carriers. Contributions are by payroll deduction on a pre-tax basis.

To participate in either a 403(b) tax-sheltered annuity plan or a 457(b) deferred compensation plan, you will need to select a vendor from the following respective lists: 

Approved 403(b) Vendors

One of these approved vendors can be selected for your 403(b) Contributions.

AIG Retirement Services

(formerly VALIC)

8050 N. High St.
Columbus, OH 43235
800-892-5558 ext.89020

Representative: Carrie Cummings
937-542-2936

Plan ID# WSU403B

Equitable Advisors

4000 Smith Rd., Suite 300
Cincinnati, OH 45206
800-551-2423

Representative: Ed Buffington
937-367-6600

Plan ID# 751545

Fidelity Investments

100 Magellan Way KW22
Covington, KY 41015

Representative: Don Harvey
513-760-8472

Plan ID #00236

TIAA

485 Metro Place South, Suite 450
Dublin, OH 43017
877-277-6446

Representative: Kristy Breidenbach
Cincinnati, OH
614-659-1031
877-209-3138 Toll-free

Plan ID# 103345

Voya Insurance and Annuity Company

(formerly ING)

10100 Innovation Drive
Suite 120
Miamisburg, OH 45342

Representative: Brian Link, CRPC®
937-353-5490
BrianLink@voyafa.com

Representative: Laurel Link
937-353-5491
LaurelLink@voyafa.com

Representative: Jeffrey Rankin
937-353-5492
JeffreyRankin@voyafa.com

Representative: Tina Hohl
937-353-5494
tina.hohl@voyafa.com

Plan ID# VT2986

Inactive 403(b) Vendors

These are inactive 403(b) vendors who may still be handling prior 403(b) balances.

Ameriprise Financial Services, Inc.

10050 Innovation Drive, Suite 310
Miamisburg, OH 45342-4933
937-433-0233 ext. 369

Representative: Erik W. Dayhoff, CFP®

Plan ID# WSU403B

FTJ Fund Choice

Demma-Novak Wealth Management
70 Birch Alley, Suite 240
Beavercreek, Ohio 45440
937-523-0029
mark@demmanovak.com

General Pension Planning Corporation

Morgan Stanley Smith Barney
110 N. Main Street, Suite 1100
Dayton, OH 45402
937-431-7871

Representative: Randy Bolin, CRPS®

Plan ID# WSU403B

Great American Life Insurance Company

2631 Erie Avenue, Suite 1
Cincinnati, OH 45208
800-487-0394

Representative: Paul Bain
513-871-2050
paul.bain@nesgroup.us or
info@nesgroup.us

Metlife Resources, Inc.

3560 West Market Street, Suite 310
Akron, OH 44333
888-732-0414

Representative: Jon Ewing, LUTCF, CLTC
312 Elm Street, Suite 1485
Cincinnati, OH 45202
513-362-1421
Fax: 513-771-7463E
jewing@metlife.com

Oppenheimer Funds

Vantage Point Financial Services, LLC.
329 Regency Ridge Drive
Centerville, OH 45459
937-432-1111

Representative: Mark Black, CFP®
937-272-4899

Plan ID#: WSU403B

Putnam Investments

P.O. Box 8383
Boston, MA 02266
800-662-0019

Plan ID#: 31010

Approved 457(b) Vendors

One of these approved vendors can be selected for your 457(b) Contributions.

AIG Retirement Services

(formerly VALIC)

8050 N. High St.
Columbus, OH 43235
800-448-2542

Representative: Carrie Cummings
937=542-2936

Plan ID# WSU457B

Ohio Public Employees Deferred Compensation Program

257 East E Town Street, Suite 457
Columbus, OH 43215-4626
877-644-6457
Fax: 614-222-9457

Representative: Bonnita Rodenstine
614-361-9819

Voya Insurance and Annuity Company

(formerly ING)

10100 Innovation Drive
Suite 120
Miamisburg, OH 45342

Representative: Brian Link, CRPC®
937-353-5490
BrianLink@voyafa.com

Representative: Laurel Link
937-353-5491
LaurelLink@voyafa.com

Representative: Jeffrey Rankin
937-353-5492
JeffreyRankin@voyafa.com

Representative: Tina Hohl
937-353-5494
tina.hohl@voyafa.com

Plan ID# VT2986

*Questions can be directed to Advisory Center counselors at these telephone numbers. 403(b) and 457(b) accounts must be created prior to establishing contributions in Retirement Manager. Please visit the Retirement Manager section for information on establishing a payroll contribution.