|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
Human Resource Policy Manual
|
Section: |
Benefits |
|
Subject: |
Tax Deferred Annuity |
|
Policy: |
|
|
Code: |
|
|
Issued: |
8/9/02 |
|
Association Adoption: |
5/6/04 |
|
Association Effective Date: |
6/10/04 |
Policy Statement - Cooperative Extension employees can invest monies for retirement in addition to their regular retirement system through tax deferred annuity plans.
Eligibility and Annuity Payments - All regular full-time and regular part-time employees are eligible to participate in any or all of these plans who are on the payroll with FICA deductions.
Employer Contribution – There is no employer contribution to this plan.
Employee Contribution – Employee contributions are designated as a percentage of salary that will be reflected in each paycheck. The amount must comply with limitations established by the Internal Revenue Code Sections 403(b), 402(g) and 415. Tax deferred contributions are made through payroll deductions and are taxed when received as an annuity. Contributions are deducted from the employee’s gross salary. State and federal taxes are then calculated on the reduced salary amount, thereby reducing the employee’s taxable income (salary reduction).
Additional Information - Questions may be directed to the Benefits Office on campus or each group can be contacted directly:
|
TIAA-CREF |
Fidelity |
Table of Contents / Next / Previous
 |