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 $20,500 per year (2022 IRS limit). Certain “catch-up” provisions
allow those over 50 years of age who meet certain eligibility qualifications to
set aside an additional $6,500 (2022 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. A tiered
investment lineup offers a streamlined menu of investment options.
Information regarding the plan can be found at https://netbenefits.com/aura or the Summary Plan
Description.
As with any issue involving your individual tax
situation, we suggest you consult with your tax professional.
Transition Resources
*For plan documents, contact your HR Generalist