As an employee of an educational institution, you have the option of participating in a Tax-Sheltered Annuity (TSA) program as authorized by Section 403(b) of the Internal Revenue Code.
The University has also adopted a Deferred Compensation Plan as authorized by Section 457(b) of the Internal Revenue Code. This plan is available in addition to the 403(b) plan, with contribution maximums for each plan.
Through these programs, you can shelter a portion of your compensation from federal and state income taxes, to purchase supplemental retirement benefits. This amount, with accumulated interest and dividends, is not subject to federal or state income taxes until it is withdrawn (usually at retirement). There are restrictions and/or penalties on early withdrawals.
For more information, please contact Benefits Administration at 330.972.7092