All employees are eligible to contribute to a Tax Deferred Annuity through one of our two vendors, TIAA-CREF and The Vanguard Group starting the first day of any month. There is no waiting period and all contributions are made by the participant. The individual maximum is based on age, length of service and salary, it may vary from year to year. Employees may adjust the amount of contribution twice per calendar year.
Choices regarding available funds and their allocation are the same as the regular retirement plan.
The TIAA-CREF tax deferred annuities offer a loan provision. By using salary reduction, participants may elect to defer tax payment on their contributions to the Plan until they start receiving retirement income. Contact the Human Resources Department for further information and enrollment procedures.