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 Benefits 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 Carruth Compliance Consulting, Inc 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 Benefits of your intent to participate in this program.
Tax Deferral Limit
The deferral limit for 2023 is $22,500. There is also a provision that allows participants age 50+ to defer an additional $7,500 annually. If you have at least 15 years of full-time equivalent service with PCC, you may be eligible to make an additional contribution. For more information, contact Carruth Compliance Consulting, 503-968-8961.
Third Party Administrator for PCC’s 403(b) Tax Deferred Annuity (TDA) Plan
PCC uses the services of Carruth Compliance Consulting, Inc. (CCC), an independent third party administrator, to provide compliance and administration services for the College’s Tax Deferred Annuity 403(b) plan.
Forms requiring signature of the “Plan Administrator” should no longer come to PCC’s Human Resources department for signature and processing. All PCC employee withdrawal and transfer information requests and transactions should be sent directly to CCC.
Carruth Compliance Consulting contact information follows:
- Carruth Compliance Consulting, Inc., 6975 SW Sandburg Rd., Suite 320, Tigard, OR 97223
- Email: email@example.com
- Phone: 503-968-8961
- Toll-Free: 877-222-3090
- Carruth Compliance Consulting, Inc website
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||Nick Hymel||503-674-2300||1-800-862-7919|
|Fidelity Retirement Services||1-800-343-0860|
|Penselect/Foresters Financial||Joshua Bostic||503 296-7676 ext. 282||1-800-423-4026|
|Ivy Funds (Waddell & Reed)||Leslie Mills||503-238-6036|
|Lincoln Financial Group||Jamie Tracey||503-265-5516|
|Brighthouse Financial (formerly MetLife)||1-833-208-3018|
|Standard Insurance Company||Mike Campbell||503-321-7400||1-800-638-4666|
|VALIC (AIG)||Jerimiah Gildea||503-276-1400||1-800-448-2542|
|Voya Financial||Portland Office||503-937-0378||1-800-238-6281|
PCC is in no way endorsing one plan over another and an employee’s 403(b) selections are ultimately based on their personal decisions.