Voluntary Retirement Plans

The State System offers two additional options to save and invest extra money for retirement:

1. 403(b) Tax Sheltered Annuity Plan: a supplemental retirement savings program authorized under Section 403(b) of the Internal Revenue Code.  All Pennsylvania State System of Higher Education employees are eligible to participate, and eligible employees can enroll at any time.
   
2. 457 Deferred Compensation Plan: a supplemental retirement savings program authorized under Section 457 of the Internal Revenue Code. All Pennsylvania State System of Higher Education employees are eligible to participate, and eligible employees can enroll at any time.
   

Whether you are supplementing your group retirement plan or you are not eligible to enroll in the group retirement plan, the voluntary supplemental retirement plans are available to all employees upon their date of hire. Employees can choose to enroll in these plans at any time and contribute up to the annual IRS limits in both plans. There are no employer contributions for these plans.

Detailed information on the Voluntary Retirement Plans

The deferred compensation program website has a new look and now has the capability for new participants to enroll online. Employees can log on to the SERS/deferred compensation website directly or via the State System public website under Voluntary Retirement Programs.

To enroll online, participants would click on the “Start saving for your future” link on the SERS website and follow the “How to enroll” directions. New enrollees will need the required code, which is found by clicking on the access code link, as well as the employer name for the Division code by clicking on the list link. The State System of Higher Education is found on the second page of the Employer listing.