Tax Deferred Annunities (TDA)
- Provided so that employees who wish can supplement their SU pension with additional income by participating in a tax deferred/sheltered annuity program.
- TDAs are available to full-time employees and part-time employees who work a minimum of 20 hours per week.
- Choices of tax-sheltered annuities are limited to plans in effect at the University.
- Employees may enroll in the program at any time.
- Employees may also cancel enrollment in the program at any time.
- There is no employer match.
- The vendors for tax deferred annuities are:
- AIG VALIC
- TIAA-CREFF
- Merrill Lynch
- GuideStone Financial Resources
- Insurance and Investment Consultants, Inc.
- GuideStone Financial Resources provides calculators designed to assist, enhance, and educate you on your retirement planning. To access these calculators as well as other tools and information click here.
- Financial education webinars from TIAA-CREF can be accessed by clicking here. These can be accessed from any pc and run anywhere from 10-20 minutes in length. Currently there are six different web presentations that can be viewed. There is a moderator that goes through slides. There are also helpful links to retirement planning tools and calculators.
Tax Deferred Annuities Frequently Asked Questions
- Is there a limit as to how much money I can set aside in my tax deferred annuity?
Yes. The most an employee can tax-defer is governed by sections 415 and 402(g) of the Internal Revenue Code. For the year 2008, the maximum amount an employee can contribute to a tax deferred annuity is $15,500.
- How can I enroll in a tax deferred annuity?
Applications are in the Human Resources Office.
- Why does Samford not match employee contributions to the tax-deferred annuities?
Because Samford currently funds the pension plan for employees.
- If I leave Samford, can I roll my tax-deferred annuity to my new employer?
It depends on whether or not the new employer's pan accepts roll-overs.
- Can I roll my old tax-deferred annuity into my new Samford account?
In most cases, yes. The roll-over forms are in Human Resources. You will need to read the instructions to see if your former tax-annuity can be rolled into your new plan.
