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Steps to Enroll

1. Determine the Amount per Paycheck

The LBCC 403(b) plan is a voluntary retirement plan option, you may contribute to this plan by deferring from your paychecks and contributing those funds (in an amount you specify) to an account held under a 403(b) Vendor with an Active Payroll Slot in the plan.

Traditional 403(b) accounts are tax deferred, meaning funds are deferred from your check to your investment account on a pre-tax basis. When you contribute to a Traditional 403(b) account, your net pay is not reduced by the full amount of your contribution (please see our net pay impact illustrations page for detailed examples).

Please note: There are annual (calendar year) contribution limits that apply.

2. Select A Vendor and Open an Account

You may select one or more vendors LBCC 403(b) Vendors with Active Payroll Slots to contribute to by contacting the Vendor or representatives to open an account under Plan ID* assigned to LBCC. Keep a copy of the documentation showing your newly assigned Account Number to evidence this step was completed.

*Please note: You must establish an account under the LBCC 403(b) Plan specific Plan ID to begin deferrals. You may not defer to an account created under a prior/different employer's plan.

3. Complete a Salary Reduction Agreement and Submit it to LBCC

Complete your 403(b) Salary Reduction Agreement (SRA) form, print it, sign it, and submit it to Human Resources at LBCC, along with a copy of documentation that you have established an account with the vendor.

Linn-Benton Community College
Human Resources
6500 Pacific Blvd., SW
Albany, OR 97321-3755

SRAs are subject to the established Payroll Cut Off Date. Salary Reduction Agreement must be submitted to Human Resources by the payroll deadline date for a given month.

Continuation Until Cancellation: The most recent 403(b) SRA document on file at Linn-Benton Community College remains in effect until you cancel the agreement, change the contribution amount, or change the vendor via the submission of a new 403(b) SRA.

LBCC May Reduce Or Suspend Contributions: Linn-Benton Community College is required to avoid contributions that might exceed IRS limits. Consequently, the 403(b) SRA stipulates that LBCC may reduce and/or suspend contributions to avoid excess deferrals over your contribution limit.

 

 

Page Last Modified: 12/10/2020 10:47:37 AM