Retirement
Mandatory Retirement Plans
Colorado State University is required by law to provide this Statement Concerning Your Employment in a Job Not Covered by Social Security (SSA 1945). Employees of CSU do not participate in the Social Security program and a pension from this job could affect future Social Security benefits to which you may become entitled. Because your earnings from this job are not covered under Social Security, you are mandated to participate in one of the following retirement programs:
- Colorado Public Employees Retirement Association (PERA)
- The Defined Contribution Plan (DCP)
- Colorado Student Employee Retirement Plan (SERP)
Faculty, Administrative Professionals, Non-Classified Staff
Employees appointed on or after April 1, 1993, are required as a condition of employment under Colorado law, to participate in either the University’s DCP for retirement or, in limited cases, Colorado PERA.
Employees may be eligible to participate in PERA if they have at least 12 months of prior PERA credited service, have money in a PERA account, and have not previously elected to participate in an Optional Retirement Plan (ORP) at any public college or university in Colorado. If they are now or have previously been a PERA annuitant (even if the annuity is suspended), and have not returned to “active’ service in a PERA covered position since their last monthly annuity payment, they must enroll in the DCP. Note: PERA is a separate and independent entity and has the authority to make determinations regarding eligibility for membership. CSU cannot mandate, nor is it responsible for, PERA’s determinations regarding eligibility. In the event of a conflict between the information on this page and the official plan documents, the plan documents will govern.
Mandatory Defined Contribution Plan (DCP)
| Vendor | Phone Number | Login Site | Investment Options | Schedule an Appointment |
|---|---|---|---|---|
| Fidelity Investments | (800) 343-0860 | Account Access | Investment Information | Individual Counseling |
| Previous Vendors (options ended May 31, 2023) | ||||
| TIAA | (800) 842-2776 | Account Access | ||
| Corebridge | (800) 448-2542 | Account Access |
The University will contribute an amount equal to 12% (effective 7/1/17) of your covered monthly salary to the DCP accounts of:
- Regular or Special appointments of half-time or greater from date of appointment
- Temporary Faculty and Admin Professionals, Post Doctoral Fellows, Veterinary Interns, and Clinical Psychology Interns of half-time or greater appointment after one (1) year of continuous service at that level.
To complete one year of service:
- A 9-month employee must complete 2 consecutive semesters of continuous half-time or greater employment (excluding summer term)
- A 12-month employee must complete 12 months of half-time or greater employment.
Any interruption in continuous appointment requires the eligible employee to complete one year of service again before CSU will provide the employer match to the DCP.
Termination at or after Age 55
When you leave CSU at or after age 55, you are entitled to your entire DCP account balance. Depending on the DCP investment company and the type of investment you have selected, you may be able to take your account balance as a lump sum payment, in installment payments, or convert it to an annuity which provides monthly payments for life. You can also leave it with the investment company for a distribution at a later date subject to certain limitations established under Federal tax law; or you can roll your account balance into another IRS approved, tax qualified plan.
Termination Prior to Age 55
If you leave CSU prior to “normal” retirement age (55) for any reason other than death or disability:
- You can leave your account balance in the DCP until age 55 or later. If you choose this option, you continue to have full control over the investment of your account balance according to the provisions of the DCP. When you reach age 55, you can access, depending upon the DCP investment company and type of investment you have selected, your entire account balance in a lump sum, in installment payments, or you can convert your account balance to an annuity which provides monthly payments for life.
- You can roll your account balance into another IRS approved, tax qualified plan. Other tax-qualified Plans may include another employer’s 401(a) or 401(k) plan, or an Individual Retirement Account (IRA). In order to avoid tax penalties or federal income tax withholding, you must roll your account balance directly from your DCP investment company to another tax qualified plan.
- If your total account balance is $10,000 or less, you have immediate access to your funds.
To request a loan from your 403(b) or DCP account(s) at Fidelity, please call 800-343-0860.
Borrowing or withdrawing money from your DCP account may have income tax and other consequences. In addition, the ability to borrow or withdraw, and the limits thereon, may change as tax laws and regulations change. Contact your investment company directly for more information about their loan provisions. You are encouraged to seek independent tax advice with respect to the relationship and application of all matters under the DCP to their individual tax circumstances.
*Loans are not available for previous accounts at TIAA or Corebridge.
Outstanding loans prior to June 1, 2023: Loans from your DCP or 403(b) Plan will be available through Fidelity limited to your available account balance with Fidelity and subject to the outstanding loan limits established by the University.
No new loans will be allowed from Corebridge Financial or TIAA and outstanding loans with these organizations will be considered in determining loan limits. Only outstanding loans from mutual fund balances at Corebridge Financial or retirement plan loans at TIAA will transfer to Fidelity. The transition does not affect the outstanding balance or interest commitment as originally established when the loan was originated.
You will need to provide Fidelity your bank information and set up an automated monthly payment debit date for loan payments to continue. Outstanding loans from annuity balances at Corebridge Financial or collateralized loans at TIAA will not transfer to Fidelity, and you will continue to repay the loan directly with your provider.
Voluntary Retirement Plans
CSU offers employees the opportunity to contribute to voluntary tax-deferred investment accounts. These accounts can supplement your basic retirement plan.
Colorado State University (CSU) is a public education institution eligible to offer a voluntary retirement savings program as described under section 403(b) of the Internal Revenue Code (also referred to as a “403(b) Plan”). Colorado PERA also provides two voluntary retirement savings programs: a 457 plan and a 401(k) plan.
- All non-student employees can participate in CSU’s 403(b) Plan through Fidelity Investments.
- All employees can participate in PERA’S 457 Plan and/or PERA’s 401(k) Plan. (For more information, visit the PERA website or call 800-759-7372.)
You can make changes to your 403(b) as frequently as you’d like on NetBenefits or by calling Fidelity at 800-343-0860. Changes to your contribution amount will be effective within one to two pay cycles following your change, based upon entry into the system. The contribution will apply to any payroll in which salary is paid including summer session pay for nine-month employees. Deferral changes are no longer made via the CSU salary reduction agreement form.
Under the 403(b) plan, eligible employees may contribute on a pre-tax basis, in which investment earnings grow tax-deferred until they are distributed. The employee is responsible for investigating and selecting investments available under the plan.
CSU has established a relationship with Fidelity to provide 403(b) arrangements for both “Traditional” and “Roth” accounts. A Traditional account is funded with pre-tax contributions and a Roth is funded with after-tax contributions.
| Vendor | Phone Number | Login Site | Investment Options | Schedule an Appointment |
|---|---|---|---|---|
| Fidelity Investments | (800) 343-0860 | Account Access | Investment Information | Individual Counseling |
| Previous Vendors (options ended May 31, 2023) | ||||
| TIAA | (800) 842-2776 | Account Access | ||
| Corebridge | (800) 448-2542 | Account Access |
Regulatory Notices/Memos:
401(k) Election/Payroll Form
401(k) Form for Non-PERA Members
PERA manages the 401(k) plan. To participate, complete a salary deferral election form and the necessary PERA application. New enrollments/changes are due by the 10th day of the month for the change to be effective for that monthly payroll cycle.
| Colorado PERA | (800) 759-7372 | PERAPlus Plan Information | Account Access |
This plan is managed and administered by Colorado PERA and is available to all CSU employees.
Your initial enrollment form must be submitted to PERA. You will then be sent a secure PIN by PERA which allows you to complete the enrollment process online and to make future changes to contribution amounts or fund selections. Payroll deductions are initiated the month following completion of the online enrollment process.
| Colorado PERA | (800) 759-7372 | PERAPlus Plan Information | Account Access |
To request a loan from your 403(b) or DCP account(s) at Fidelity, please call 800-343-0860.
Borrowing or withdrawing money from your DCP account may have income tax and other consequences. In addition, the ability to borrow or withdraw, and the limits thereon, may change as tax laws and regulations change. Contact your investment company directly for more information about their loan provisions. You are encouraged to seek independent tax advice with respect to the relationship and application of all matters under the DCP to their individual tax circumstances.
*Loans are not available for previous accounts at TIAA or Corebridge.
Outstanding loans prior to June 1, 2023: Loans from your DCP or 403(b) Plan will be available through Fidelity limited to your available account balance with Fidelity and subject to the outstanding loan limits established by the University.
No new loans will be allowed from Corebridge Financial or TIAA and outstanding loans with these organizations will be considered in determining loan limits. Only outstanding loans from mutual fund balances at Corebridge Financial or retirement plan loans at TIAA will transfer to Fidelity. The transition does not affect the outstanding balance or interest commitment as originally established when the loan was originated.
You will need to provide Fidelity with your bank information and set up an automated monthly payment debit date for loan payments to continue. Outstanding loans from annuity balances at Corebridge Financial or collateralized loans at TIAA will not transfer to Fidelity, and you will continue to repay the loan directly with your provider.
Preparing to Retire
When you are getting ready to retire, there are many important factors to consider. Visit Separation and Retirement to learn more about post-employment benefits and how to initiate retirement from CSU.