Tax Deferred Annuity 403(b) Plan
Eligible employees may elect pre-tax salary deductions for this retirement savings plan at any time during the year. Many self-directed investment options are available through a variety of participating providers. Management employees receive an employer provided 2% contribution to the TDA of the employee’s choice after a one year waiting period. The 2% management contribution replaces the early retirement stipend.
- Eligible employees
- include Full-Time and Part-Time Faculty, Classified, Managerial, Academic Professionals, Confidentials, and Casual employees.
What is a TDA?
A tax deferred annuity (also called a tax sheltered annuity) is a 403(b) retirement savings plan. A 403(b) plan allows you to set aside money for your future retirement security, via payroll deduction while you are still working. Deductions are taken on a pre-tax basis so you save tax money now by reducing your taxable gross income. You may elect either a flat amount to be deducted from your monthly paycheck or a percentage of pay. Deducting a percentage allows the deduction amount to adjust automatically as your pay goes up and down.
Once deducted, your contributions are sent to the college approved investment vendor of your choice. Your account will be invested as you have directed and interest earnings will be added to your balance. You are always 100% vested in your account, but withdrawal of monies prior to retirement is restricted and carries penalties dictated by the IRS.
How do I sign up?
You may open an account and begin contributions at any time during the year by selecting and contacting a college approved vendor.
- After you open your account, you must send a completed Tax Deferred Annuity Plan Enrollment Form to the PCC Payroll Department by the 15th of a month to be effective on the 1st of the following month.
- Your deduction amount may be changed up to two times per calendar year. If you discontinue contributions, you may not resume participation in the program until the next calendar year.
- PCC's Tax Deferred Annuity plan is administered by Carruth Compliance Consulting. For information on distributions, rollovers, or transfers, please contact Carruth at 503-968-8961 or visit the company's website.
For more information, contact the Benefits Team. A list of approved investment vendors is shown below. Important: You must set up your vendor account before notifying payroll of your intent to participate in this program.
Tax Deferral Limit
The deferral limit for 2014 is $17,500. There is also a provision that allows participants age 50+ to defer an additional $5,500 annually.
The following companies currently have nine or more PCC employees enrolled which makes them eligible to add new participants. Please contact the Payroll Team at 971-722-2850 to verify current status of any company.
This list does not constitute an endorsement of any one of these plans by Portland Community College. You may be directed to call another number than the one listed. You should specify that you are interested in Tax Deferred Annuity information. Local representatives and their numbers have been listed for your convenience but you may use any agent, as these are not exclusive agreements.
|Vendor||Area Representative||Phone Number||Toll-free Phone Number|
|Ameriprise Financial||Gary Buczkowski||503-674-2300||1-800-862-7919|
|Fidelity Retirement Services||1-800-343-0860|
|First Investors||Joshua Bostic||503 296-7676 ext. 282||1-800-423-4026|
|ING Aetna Financial Services||Portland Office||503-937-0378||1-800-238-6281|
|Lincoln National Life Insurance||Cameron Clear||541-517-4636|
|Standard Insurance Company||Mike Campbell||503-321-7400||1-800-638-4666|
|Waddell & Reed Financial Services||Leslie Mills||503-238-6036|
PCC is in no way endorsing one plan over another and an employee’s 403(b) selections are ultimately based on his or her personal decisions.