The college normally provides no matching contribution under this annuity plan. The college reserves the right to limit contributions to the plan as specified under various sections of the IRS code. For more information regarding this plan see PERA Matchmaker or PERA Matchmaker Facts at FLC . Early withdrawal may subject plan participants to a substantial tax penalty under the IRS code. Plan participants may rollover funds to an IRA or other qualified retirement plan upon separation from service if the vendor permits.
Programs are available through various vendors.
Minimum distributions from the accounts must begin no later than April 1 after the contributor attains age 70 unless still employed in a category exempted from the rule such as an educational institution. A salary reduction agreement must be completed. A failure to provide a maximum contribution calculation will result in no contribution being made to the plan until such calculation is obtained. The college may request a new maximum contribution calculation in writing at any time. Our current vendors have been asked to sign an indemnification agreement, which holds the institution harmless for violations of the IRS code.