CSU Retirees

CSU TSA 403(b) Legacy Fund Balance Mapping

In an effort to reduce participant costs and improve the design and operation of the California State University Tax Sheltered Annuity (TSA) program, CSU will be implementing a transfer of asset balances currently held by the TSA legacy recordkeepers (Fidelity, MetLife, TIAA, VALIC, and Voya) to the active TSA Program administered by Fidelity. Balances held in legacy annuity contracts will not be affected by this transition. This is scheduled to take place at the end of May 2018.

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What Took Place in 2016?

In April 2016, CSU introduced a number of enhancements to the TSA program following a rigorous due-diligence process. These modifications included the selection of Fidelity Investments (Fidelity) as the Program’s sole recordkeeper and the establishment of a new streamlined investment line-up.

At that time, CSU decided that participant balances for both active and separated employees held by the Program’s five legacy administrative recordkeepers (Fidelity, MetLife, TIAA, VALIC, and Voya) would not be transferred.

What's Changing Now?

End of May 2018, your legacy mutual fund balances held by the program’s five legacy recordkeepers (Fidelity, MetLife, TIAA, VALIC, and Voya) will be transferred to the active Fidelity TSA plan.

An “Early Choice” window for participants to choose investments for the transferring balances will be available in mid-April 2018. In the absence of an affirmative investment elections by participants, assets will be automatically directed to the Vanguard Target Retirement Investment option at Fidelity, based on the date closest to when the participant will turn age 65.

What's Not Changing?

Balances held in legacy annuity contracts will not be affected by this transition. Contact your current recordkeeper for assistance in determining if you have balances in annuity contracts. To move your legacy annuity balances, please schedule a meeting with a Fidelity campus representative or contact Fidelity directly at 800-343-0860.

What to Expect?

  • Cost Efficiencies - Active contributing participants might have already noticed that the cost structure of the existing program is significantly lower than legacy recordkeepers.

  • Ease of Monitoring - You may no longer need to access multiple recordkeepers. Fidelity's NetBenefits' will serve as the Program's centralized website.

  • Improved Education and Communication - Fidelity will be better positioned to answer all of your questions regarding the Program. In addition, you will receive announcements and targeted communications from only one recordkeeper.

  • Improved Administration - Requests will be processed by a single recordkeeper. (i.e., hardship withdrawals, loans, rollovers, transfers, and distributions)

What Do I Need To Do?

No action is required on your part at this time. You will have an "Early Choice" window in April to select the fund of choice and make beneficiary elections.

In the coming months, you will be receiving additional communications in the mail and through email detailing the changes, timeline of events, and where to find more information.

Thank you for your continued commitment to California State University. Your hard work and dedication have contributed greatly to our reputation in higher education. We are committed to providing you with the tools and resources you need to help you plan for a solid financial future beyond your years with California State University.

More information is available on the CSU TSA Transition Fact Sheet.

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