The Savings Plus Plan (SPP) is a voluntary program offered by the
Department of Personnel Administration (DPA) and administered by Nationwide Retirement
Solutions. This program allows eligible state and CSU employees to save toward
retirement by investing pre-tax contributions in tax-deferred investments, via two
deferred compensation plans: a Thrift Plan (IRC 401k)) and a Deferred Compensation Plan
(IRC 457). These contributions are made through payroll deductions, prior to federal
and state taxes being calculated.
Currently, the plan contribution limits that apply to the SPP are
prescribed under Internal Revenue Code (IRC) Sections 401(k) and 457.
Contributions to a 457 plan are not offset by contributions to a 403(b), or 401(k) plan. For example, for tax year 2013, a participant could elect to contribute up to $17,500 to a 403(b), or 401(k) plan AND up to $17,500 to a 457 plan, for a total contribution of up to $35,000.
In order for eligible employees to take advantage of the tax savings via payroll deduction, an account must be established with the Savings Plus Plan.
For additional information regarding this program, including maximum contribution amounts, catch-up allowances, and administration of the Savings Plus program, please contact their office at (855) 616-4776, or refer to the: SPP web site.