All College employees are eligible to participate in the tax-deferred annuity (TDA) plan following the date of employment. The TDA plan is arranged through TIAA-CREF. Under this plan and within limits set by the Internal Revenue Code, an employee's salary is reduced and the amount of reduction is applied as premiums to a retirement contract issued by TIAA-CREF and owned by the employee. Such premiums are not taxed to the employee currently; rather, they and their earnings will be taxed when the employee receives them as benefits.
Full details of the TDA plan are presented in the Summary Plan Description, copies of which are provided to each employee and available in the Personnel Office.