The Tax Deferred Annuity Plan is a 403(b) voluntary retirement savings plan available to eligible employees. The employee can elect a per pay percentage to contribute to a tax deferred annuity within IRS guidelines from an approved vendor (see related links).
The per-pay percentage elected is deducted from each check in the following manner:
- Bi-weekly 12-month staff and service employees—Deduction will be taken from each regular check, 26 times per year.
- Bi-weekly Dining Service nine-month employees—Deduction will be taken from each regular check September through May, 20 times per year.
- Exempt/faculty/professional fiscal year employees—Deduction will be taken from each regular check, 12 times per year.
- Tenured and contract faculty/professional academic year employees—deduction will be taken from each regular check August through May, 10 times per year.
For additional plan information refer to the Tax Deferred Annuity Summary Plan Description (PDF).
The Employee must complete all forms required by the university and the vendor selected by the employee to participate in the plan.
A salary reduction agreement form must be completed and returned to the Office of Payroll and Employee Benefits authorizing the pre-tax contributions to be deducted from the employee’s pay.