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.