Human Resources - 403 (b) Tax Sheltered Annuity
Associate Superintendent,
Karen Sakata
925.942.3387
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The Internal Revenue Service allows employees of education institutions to participate in tax sheltered annuity plans. You may authorize automatic payroll deductions to your TSA plan through a salary reduction agreement.
A Tax Sheltered Annuity (TSA) is otherwise known as a 403(b) plan named after a section of the Internal Revenue Code. Contributions to a TSA are deducted from the participant’s paycheck and forwarded to the mutual fund custodian selected by the participant.
As the name Tax Sheltered Annuity implies, contributions made are not currently taxed, with income tax deferred until retirement, when the funds are withdrawn.
The annual limit on TSA contribution is set by IRS laws. The year to date total for your tax shelter annuity appears on your paycheck stub. If your total is approaching the limit you will need to arrange to discontinue your deductions.
CCCOE has contracted with Envoy Plan Services to serve as a Third Party Administrator to enforce compliance with the Internal Revenue Codes and facilitate monthly contributions to our 403(b) and 457 vendors.
A list of participating vendors are available on the Envoy website at www.envoyplanservices.com. A Salary Reduction agreement is also available on the website which gives Envoy and CCCOE the authority to make paycheck deductions and remit to the Envoy office as specified on the SRA form. For questions or additional information please call 1-800-248-8858.
TSA deductions will come from regular paychecks only (they will not be deducted from summer funds, arrears, extended year, or retro checks).
The agreement will remain in effect until the employee terminates employment or the employee terminating the agreement submits a written request.
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