CCC LBCC 403(b) Enrollment Information
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 Vendor (investment company) in the plan. You make this election by following the steps below, which includes the submission of a Salary Reduction Agreement (SRA) indicating your choice of contribution amount and vendor.
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).
How much you choose defer from your pay to a 403(b) account is a personal choice based both your goals and financial constraints. There are annual (calendar year) 403(b) maximum contribution limits that apply. For questions regarding the maximum contribution limit and how it applies to your, please contact us.
2. Select A Vendor
You may make monthly contributions to one or more investment companies on this List of 403(b) Vendors with Active Payroll Slots for Linn-Benton Community College. Your research into which companies best meet your need may be aided by visits to company and agent links available at the vendor site.
3. Complete Vendor Application
Open an account with a Vendor holding an Active Payroll Slots prior to indicating you wish to begin deferring to the LBCC 403(b) Plan by submitting an SRA (Step 4 below).
As you complete your account application, it is helpful to have the Plan ID# listed next to your vendor's name available when you open your account, this will help to appropriately associate your new account with the LBCC 403(b) Plan*.
*Please note: You may not defer to an account listed under a prior/different employer's plan, it will be necessary to establish an account under the LBCC 403(b) Plan to begin deferrals.
Once you have completed your account application and the account is open (with an account or contract number assigned), please submit documentation your account has been established to
Human Resources at
LBCC along with the SRA (see Step 4 below).
4. Sign Salary Reduction Agreement
403(b) Salary Reduction Agreement
online, 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. LBCC requires its own 403(b) Salary Reduction Agreement form for all new voluntary deductions and for all changes.
Linn-Benton Community College
6500 Pacific Blvd., SW
Albany, OR 97321-3755
Employees need to deliver the LBCC-approved Salary Reduction Agreement by the deadline established by LBCC for a month in order for the amount to be deducted from that month’s payroll. 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) Salary Reduction Agreement (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. One or more of these three actions requires submission of a new 403(b) Salary Reduction Agreement.
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 as necessary to avoid excess deferrals. CCC monitors year-to-date contributions each month and notifies LBCC when such reductions and suspensions are required. Prior to an actual reduction and/or suspension, you are given the opportunity to review the data on which the decision to reduce/suspend was made to verify its accuracy.