Tax Sheltered Annuities
Voluntary Supplement Retirement Plans
PASSHE offers two options for supplementing its retirement plan. PASSHE participates in Pennsylvania's Deferred Compensation Plan currently administered through Great West.
This program allows employees to contribute to a long-term savings plan on a pre-tax basis up to amounts allowed by the IRS.
The other option open to PASSHE employees is the Tax Sheltered Annuity (TSA) program. The TSA program is supplemental retirement savings plan under Section 403(b) of the Internval Revenue Code. This voluntary program allows employees to contribute, on a pre-tax basis, a portion of your salary for retirement savings. TSA Enrollment/Change Form
Limits on TSA Contributions for 2012
Contributions — $17,000
Age 50+ Catch Up — $22,500: The age 50+ Catch Up Provision may be made by a participant who is 50 years old by the end of the calendar year and has made the maximum contribution under the elective deferral limit, including any amounts available under the 15-Year Catch Up Provision.
15-Year Catch Up Provision: The 15-Year Catch Up Provision may be available to certain employees who have 15 years of service with an eligible employer. The amount, if any, may not exceed $3,000 per year and not more than $5,000 over the lifetime of the TSA participant. If the prior elective deferral contributions are less than $5,000, on a yearly average, you may be able to make catch up contributions. Please consult with the benefits coordinator for further eligibility questions.