Tax Deferred Annuity

Pension
Pension

Deferred Compensation - 457(b)
Information for the 457(b) plan, a Pre-Tax way for employees to save money toward their retirement available to faculaty, staff, and employees of Ball State University.

Tax Deferred Annuity - 403(b)

Employee elects an annual or per pay amount to contribute to a TDA within IRS guidelines from one of 6 companies (see below) and the per pay amount selected is deducted from each check.
The deduction amount selected is a per pay deduction and is deducted in the following manner:
1. Bi-Weekly Staff/Service Employees – deduction will be taken from each regular check, 26 per year.
2. Bi-Weekly Dining Service 9 month Employees – deduction will be taken out of each regular check September through May, 20 per year.
3. Exempt/Faculty/Professional Fiscal Year Employees – deduction will be taken from each regular check, 12 per year.
4. Faculty/Professional Academic Year Employees – deduction will be taken from each regular check September 15 through May 15, 10 per year.

IRS Guidelines

YEAR

402(g) Limit

Age 50 Catch-up

15 Year Catch-up

2004

$13,000

$3,000

Amounts available

2005

$14,000

$4,000

Upon request

2006

$15,000

$5,000

Cont.

Increased $500/yr.