employees / Procedures / Tax Sheltered Annuities

Tax Sheltered Annuities

Summary

Delta College offers all full-time and part-time employees (excluding student workers) the opportunity to participate in a 403(b) Tax Sheltered Annuity Program.  A tax-sheltered annuity (TSA) is an instrument that allows you to supplement your retirement income by deferring a portion of your current salary. Monies contributed through payroll deduction to a TSA are invested in investment instruments of the employee's choice (from a slate of investment options approved by the College as Plan Sponsor).  TSA contributions are not subject to payroll taxes, other than FICA and Medicare tax, in the year of deferral, instead they are taxes in the year of distribution. 

Procedures

  1. For new contributions, TIAA is the only approved TSA vendor for the College’s 403(b) plan.  
  2. Establish an account with TIAA. 
  3. Complete the Delta College 403(b) Retirement Plan Salary Reduction Agreement for Elective Deferral, and submit the completed form to the Finance Office, B118. 
  4. Allow up to 2 payroll periods for your Tax-Sheltered Annuity deductions to begin. 
  5. You may initiate, change, or stop your tax deferred annuity at any time during the year. Use the Delta College 403(b) Retirement Plan Salary Reduction Agreement for Elective Deferral listed above to make any changes to existing contracts. Elective deferral changes are limited to four times per year per contract.

Resources

  1. 403(b) plan (PDF)
  2. 403(b) vendor list (PDF)
  3. 403(b) Summary Plan Description (PDF)
  4. 403(b) enrollment information (PDF)

Revision/review dates
01/11, 9/17, 5/25