403(b) Tax Sheltered Annuity
As an employee of AURA, a not-for-profit research institution, you are eligible to establish a 403(b) Tax Sheltered Annuity (TSA). This account is distinct from your AURA 401(a) Money Purchase Pension Plan account.
The TSA is funded entirely through pre-tax or post-tax (Roth) employee contributions. The amount of money you may contribute is calculated according to IRS regulations. Most employees may not contribute more than $18,000 per year (2017 IRS limit). Certain “catch-up” provisions allow those over 50 years of age who meet certain eligibility qualifications to set aside an additional $6,000 (2017 IRS limit). It is important for you to know that there may be limits on the total of all your tax deferred compensation plans. You should consult a tax professional regarding your individual situation and the limits that apply. You may elect to contribute any amount up to your maximum.
Fidelity Investments is the exclusive retirement plan provider and record keeper for the AURA Retirement Plans beginning August 1, 2017. A tiered investment lineup offers a streamlined menu of investment options.
Information regarding the plan can be found at https://netbenefits.com/aura.
As with any issue involving your individual tax situation, we suggest you consult with your tax professional.