Employees at UMMC have the option of setting aside additional tax-deferred funds in a voluntary tax sheltered annuity plan. A tax sheltered annuity (TSA) is an IRS 403(b) plan and is also referred to as a tax deferred annuity (TDA). The 403(b) plans were initially designed to invest only in annuity contracts but over time have been modified to include options for investing in mutual funds and money market accounts. In spite of this, the term “Tax Sheltered Annuity” stuck and is now synonymous with any 403(b) plan. UMMC has five approved vendors who sell a variety of TSA options from guaranteed funds to volatile stock funds.
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