Tax Sheltered Annuities
Tax Sheltered Annuities are tax-deferred retirement investments in addition to the MPSERS retirement plan. All full-time and part-time faculty and staff are eligible to purchase a tax deferred annuity product to be used as a way to save money towards your retirement. Below are a few of the details that you should be aware of.
Eligibility: All full-time and part-time employees are eligible. Student staff are not.
Enrollment: To participate in the program, you must complete the Salary Reduction Agreement. These can be picked up in HR or Payroll or on our web site. You must also set up a contract with an Investment Company.
Salary Reduction Agreement: A participant may file a modified or renewed Salary Reduction Agreement on a quarterly basis. The open enrollment periods are as follows:
- January 1st - 15th
- April 1st - 15th
- July 1st - 15th
- October 1st - 15th
A Salary Reduction Agreement may be terminated at any time. A new hire may enroll outside the open enrollment period. Any Salary Reduction Agreement received within the open enrollment period will be made effective as of the first payroll period following the open enrollment period. Salary Reduction Agreements received outside the open enrollment period will be held until the next open enrollment period and made effective as of the first payroll period following such open enrollment period. You may select a percentage per pay or a dollar amount to be deducted from your paycheck.
Deductions: All deductions will be transmitted to the appropriate vendor within two business days of a payday.
- Salary Reduction Agreement Authorization for Payroll to deduct from your pay
- Voluntary Salary Deferral Agreement
Fund: The College has allowed three fund investment companies to participate in the program: Investment Companies
- Complaint Form For submitting concerns or grievances with the investment companies to Payroll
Administration Bldg, Room 103
Phone: (517) 483-1870
Additional contact information »