TAX DEFERRED ANNUITY PLAN

This is an optional program which allows the sheltering of a portion (up to 20% of taxable gross salary to a maximum of $9,500) of an individual's annual taxable gross salary from Federal taxes through payroll deduction in accordance with the Internal Revenue Code, Section 403(b) and related sections, and the Massachusetts General Laws, Chapter 15, Section 18A, all as amended.

Your contributions to the plan are made through payroll reduction, making regular savings easier for you. The payroll system reduces your pay by the amount of your contribution before it applies federal income taxes to your check. Your contribution is sent directly to the plan carrier of your choice to be invested. Your plan carrier will maintain an account that you own. You will direct how the carrier manages your investments.

The University has researched and approved five companies that offer TDA accounts. They are:

These "carriers" represent a combination of insurance and investment companies. They provide a wide variety of investment funds in which to invest your TDA contributions.

A brochure containing a detailed explanation of this program and a guideline to be used when considering the purchase of a tax-deferred annuity contract is available in the Human Resources Office (3rd floor, Quinn Administration Building).

This is an optional program which allows the deferral of State and Federal taxes on 25% of gross salary up to a maximum of $7,500 per year. The Program is administered by The Copeland Company. Participating employees receive a statement of account activities and balances on a semi-annual basis. Informational booklets are available in the Human Resources Office or you may contact the Copeland representative at 1-800-799-6277 for more detailed information.

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