Human Resources

Tax Sheltered Annuities

Voluntary Tax-Sheltered Annuities, provided under Section 403 (b) (1) or 403 (b) (7), are tax-advantaged retirement savings programs designed primarily for employees of educational, religious and charitable organizations. The employee's eligible contributions, made through salary reduction agreements, are sheltered from Federal and State income taxes (but not Social Security taxes) until an annuity is received or the contributions are withdrawn.

Tax-sheltered annuities available at UNCP include : TIAA-CREF, and Fidelity Investments (Beginning January 1, 2009).

N. C. Deferred Compensation Plan also offers a Section 457 (b) TSA plan. Prudential Retirement along with the State 401 (k) offers an employee contribution only plan.

Contact the Benefits Manager to obtain information regarding salary reduction agreement and maximum earnings allowance.