403b - Transamerica

What is a 403b retirement savings plan?
  • A 403b tax deferred annuity is a retirement savings program that allows eligible HSHS colleagues to set aside a portion of their income on a pre-tax basis.
  • It is also known as a Tax Sheltered Annuity (TSA).
  • This reduces current federal income taxes, and, in most states, state income tax.
  • The 403b retirement plan is a convenient way to save for retirement through payroll deduction and offers flexible options for receiving your money when you retire.
How do I set up a new Transamerica account?
To setup a new Transamerica account, please follow the steps below:
  1. Access the Transamerica website at http://hshs.trsretire.com.
  2. Select "Quick Links" from the menu. Then go to "Set up Account", "Get Started", "Need to Register? Create an Account" and complete the information requested.
  3. Click on "Details" and then click "Manage" from the menu on the left side of the screen. Select "Contributions" to designate a flat dollar amount or percentage amount to be deducted each pay period for the 403(b) and/or Roth deferrals.
  4. Choose your investment fund(s).
  5. Be sure to add a beneficiary for this account by clicking on "Beneficiaries" and completing the required information. Please note that if you do not designate a beneficiary, the monies in your account would be distributed according to the Plan's default beneficiary rules.
  6. Click on “Next” to verify information is correct.
  7. Click on “Submit".
  8. Review other information, resources and planning tools.
  9. Log out to end your session.
How can I learn more about contributing to a 403(b) Plan and the investment options available to me?
  • Access the Transamerica web page at http://hshs.trsretire.com to review all the information provided to assist you in making your investment decisions.
  • You may also contact Transamerica at 800-755-5801 and ask to speak to an investment representative.
  • You can also research the funds on your own or with your financial advisor.
If I was hired or rehired on or after July 1, 2014, what contributions are made to my 403(b) Plan account?
Your 403(b) Plan account grows through:
  • Your contributions- up to 100% of your pay up to IRS limits ($19,000 in 2019, or $25,000 if age 50 or older)
  • HSHS matching contributions- 50 cents for every dollar you contribute up to 4% of your pay (subject to IRS limits, $280,000 in 2019)
  • Investment earnings
You are always fully vested (100%) in all contributions.
Do I have to participate in the 403b retirement saving plan?
  • To encourage early investing and simplify the 403(b) Plan enrollment process, all eligible HSHS colleagues hired or rehired with HSHS on or after July 1, 2014 are enrolled automatically at a 4% of pay contribution level after 60 days of employment.
  • Unless you choose otherwise, your contribution level will continue to increase by 1% each year until you’re eventually contributing 8% of your pay.
  • These automatic contributions will be invested in the Vanguard Target Retirement Funds based on your date of birth, unless you choose different investment options.
  • You can increase, decrease, or stop your contributions at any time.
How does the HSHS matching contribution work?
  • HSHS contributes 50 cents for every dollar you contribute on the first 4% of your eligible pay (pay shown on your W-2 statement plus any pre-tax contributions you make for benefits, including the 403(b) Plan; subject to IRS limits, $280,000 in 2019). 
  • Contributions that are made in each calendar year in which you are paid for at least 1,000 hours are matched, as long as you are actively employed on December 31 of that year.
  • The maximum match you can receive in a calendar year is 2% of eligible pay.
  • HSHS matching contributions will also be made upon your retirement after age 55 or upon death or disability.
How do I change my contribution rate to my Transamerica account?
  1. Access the Transamerica website at http://hshs.trsretire.com
  2. Click on the "Details" button of the plan you would like to change.
  3. Click on the “Manage” tab on the left-hand side and select “Contributions” to review and change the current deduction amount.
  4. Click on “Next” to verify information is correct.
  5. Click on “Submit” to save information.
Is there a limit to the amount I can contribute to the 403b retirement savings plan in 2020?
For calendar year 2019, the maximum elective contributions are:
  • For a participant who is under age 50 as of the last day of the calendar year is $19,500.
  • For a participant who is age 50 or over as of the last day of the calendar year is $26,000.