ALL 403 (b) TSA's must have a plan document.
What is a TSA?
A 403(b) tax-sheltered annuity (TSA) is designed to help
employees at public school systems and
501(c)(3) tax-exempt organizations save for
retirement on an income tax-deferred basis.
How does a TSA work?
A TSA is an employer-sponsored plan. The
contributions for the TSA are taken from your
paycheck (before federal income taxes) by
your employer, who sends them directly to the
company that issued the annuity contract.
Subject to limitations, you
determine the amount of the pre-tax
contributions.
• A TSA helps reduce your current
income taxes.
For example, if your income is $40,000 and
you contribute $4,800 into a TSA, your
taxable income would be reduced to
$35,200. Assuming a 25% federal income
tax rate, you could save up to $1,200 in
income taxes that year.
Who is eligible?
403(b) TSAs were designed for people
employed by public school systems and
501(c)(3) tax-exempt organizations.
Examples
of eligible public school systems may include:
• Public elementary and secondary schools
• State colleges and universities
• Public junior or community colleges
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