All ACC employees may participate in the Tax Sheltered Annuity Program. The tax sheltered annuity is a deferred-tax arrangement expressly granted by Congress in Code section 403(b). Under this provision, the amount deposited into the TSA is not taxed as current income. Taxes are deferred until a later date, usually retirement. The College maintains a list of authorized companies approved vendors.
To start a tax sheltered annuity employees need to complete:
- Company's Application with approved vendor
- Online enrollment through ACC Retirement Manager www.myretirementmanager.com
Contributions to a tax sheltered annuity can be stopped at any time by submitting your change online through ACC Retirement Manager www.myretirementmanager.com. This will be effective based upon the current cut-off dates. There may be tax consequences and penalties for early withdrawals.
Contact the Office of Human Resources, Benefits Department for further information.