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Medical College of Georgia |
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THE MEDICAL COLLEGE OF GEORGIA ADMINISTRATIVE PROCEDURES Office of Primary Responsibility - Human Resources - Benefits Subject:
Deferred Compensation Plan
Enrollment
1.0 Purpose: To present the procedures for processing deferred compensation plans for employees.
2.0 Note: Any employee can contribute to a tax-sheltered annuity. A tax-sheltered annuity is a type of deferred compensation plan. Tax-sheltered annuities are also known as 403(b) and 457(b) companies and they are as follows: VALIC, TIAA/Cref, Fidelity, 403 (b), 457(b). The 401(k) is GA employees deferred compensation plans with the GA merit System/Peach State Reserves. The maximum amount that can be contributed varies depending on the limitations established for that year. For example, the limit for 2003 is $12,000 each for the 403 (b) and 457 (b) plans for a total maximum contribution of $24,000. An employee may be eligible for additional contributions. IRS guidelines apply.
3.0 Procedure: Processing Deferred Compensation Plans 3.1 Responsibility: Employee 3.1.1 Obtains an application and salary reduction form from the Benefits Office. 3.1.2 Fills out the salary reduction form indicating the amount they want deducted from their salary and elects the month in which they want the deduction to start. 3.1.3 Completes the application for the company (ies) of their choice. (Note: The employee may choose more than one company as long as the maximum contribution is not exceeded). 3.2 Responsibility: Benefits Office 3.2.1 Reviews application for completeness. 3.2.2 Copies the application. 3.2.2.1 Processes in PeopleSoft. 3.2.3 Mails the application to the appropriate company. 3.2.4 Sends a copy to Records to be scanned.
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