Monday, January 10, 2022
A Message from Tom Keller, Director, Total Rewards
Valencia College provides you with the opportunity to save for your retirement through the College’s 403(b) and 457(b) plans. Both the 403(b) and 457(b) plans are optional retirement programs that permit you to participate and electively reduce your compensation with salary deferral contributions made on a pre-tax and/or after-tax (Roth) basis, with those contributions passing to your individual retirement account at AIG Retirement Services. If you participate, you are fully vested in your contributions and earnings at all times.
Who is eligible to enroll?
All employees, with the exception of student workers, are eligible to participate in the 403(b) and 457(b) plans immediately upon employment.
How do I enroll?
If you would like to enroll in Valencia’s 403(b) and/or 457(b) retirement plan through AIG, you may do so in one of three ways: online, by phone or with the assistance of a AIG financial advisor.
- Online: https://valenciacollege.aigrs.com/plan-details/enrollment
- Phone: Contact the AIG Client Care Center at 800-448-2542
- AIG financial advisor:
Downtown, West and Winter Park Campuses and District Office:
Brendan Loflin, 407-907-7469 or firstname.lastname@example.org
East, Lake Nona, Osceola and Poinciana Campuses, the School of Public Safety and the Advanced Manufacturing Center:
John Hall, 407-269-2263 or John.Hall@aig.com
Can I change or stop my elective deferral contributions?
You may change your elective deferral contributions at any time during the plan year. You are permitted to revoke your election at any time during the plan year.
When are my elective deferral contributions effective?
After completing the enrollment requirements, your elective deferral contributions will begin being deducted from your paycheck as soon as administratively possible.
What is the maximum amount that I can contribute?
The Internal Revenue Service regulations limit the annual contributions you can make to a 403(b) and/or 457(b) plan and the limits are adjusted each year. You may contribute the maximum amount to both plans in the same year. The limits for each plan in 2022 are the same and are as follows:
- Elective deferral limit: $20,500
- Age 50 and up catch-up (in addition to the elective deferral limit) $6,500
Who may I contact with questions about the 403(b) and 457(b) plans?
For questions, you may call the AIG Client Care Center at 800-448-2542, Monday through Friday between the hours of 8 a.m. – 9 p.m. EST. You may also contact Valencia College’s Total Rewards team at email@example.com or call the HR4U helpline at 407-582-HR4U (4748).
Also, don’t forget that one of your Total Rewards — for both full- and part-time employees — is meeting with one of Valencia College’s dedicated AIG financial advisors listed above. You can schedule a WebEx or phone consultation to enroll in these voluntary retirement plans, discuss your financial planning and/or review your retirement goals. Your family members are also welcome to join you for the advising session. To register for sessions, click here.