Supplemental Retirement Annuities Tax sheltering, tax deferral, salary reduction, all refer to the Internal Revenue Service approved method for the investment of earnings on which the payment of federal and state income taxes are delayed until a future date, usually retirement. Fairmont State College employees have the option of sheltered payroll deductions in addition to retirement contribution amounts with one of three firms. A listing of the available firms may be obtained from the Benefits Office. Change of deduction amount is allowed as often as desired. The employee and employer are responsible for limiting contributions under IRS restrictions.
Some vendors offer loan provisions.
Upon termination of employment, full or partial lump-sum withdrawals are available.