Eligibility

The Tax Deferred Annuity Plan is a 403(b) voluntary retirement savings plan available to all employees. 

Contributions

New elections and changes to existing elections may be made at any time. An employee may elect to deduct a percentage of their pay to a 403(b) account. Contributions may be made on a pre-tax or post-tax (Roth) basis or both. Contributions are remitted to accounts on a bi-weekly basis, the week following each pay date.

Vesting

Employees are immediately vested at 100 percent in the Tax Deferred Annuity Plan.

Enrollment

To begin making contributions to the Tax Deferred Annuity 403(b) an employee must:

  1. Choose an investment vendor approved for the Tax Deferred Annuity (see below)
  2. Complete a salary reduction agreement form and send to the Office of Payroll and Employee Benefits authorizing the pre-tax and/ or post-tax contributions to be deducted from the employee’s pay. Please allow up to two weeks for processing.
  3. Open an account with their chosen vendor either online or through paper application, depending on the vendor requirements, making investment elections and beneficiary designations.

To change existing contributions to the Tax Deferred Annuity 403(b) an employee must:

  1. Complete a salary reduction agreement form and send to the Office of Payroll and Employee Benefits authorizing the pre-tax and/ or post-tax contributions to be deducted from the employee’s pay. To stop contributions enter zero percent on the form. Please allow up to two weeks for processing.

Vendor options:

  • Fidelity – Online enrollment
  • TIAA – Online enrollment
  • Voya – Application form must be completed and submitted directly to Voya
  • Lincoln – Application form must be submitted directly to the Lincoln Representative
  • OneAmerica – Application form must be completed and submitted directly to One America
  • AXA  – Application form must be completed and submitted directly to AXA

Distributions and Withdrawals

A participant may withdraw funds from their plan account upon (1) attainment of age 59 ½ or older while employed or (2) 30 days following either their retirement or termination of employment. Withdrawals prior to age 59 ½ may be subject to early withdrawal penalties.

Hardship distributions from the plan are not allowed. A participant may receive a loan from their plan account by contacting their vendor directly. Loans are subject to both federal tax code and vendor rules and regulations.

Plan Documentation