403B Tax-Sheltered Annuities

2017 Availability Notice

Employees of the University are eligible to participate in a Tax-Sheltered annuity plan provided by Section 403 (b) of the Internal Revenue Code of 1954, as amended. The amount of annuities that an employee may authorize the university to purchase for him/her in lieu of a portion of which salary otherwise payable directly to him/her is determined by a formula prescribe by the Internal Revenue Code and Regulations.

The amount of such annuity premiums is not reported annually as taxable income on the employees' W-2 and payment of Federal/State income tax on these funds is not required until the annuity contract matures, is canceled, or is determined to be taxable under the regulations.