A Tax Deferred Annuity (TDA) program, a 403(b) plan, is available to the Regular employees of the Institution. A TDA allows an eligible employee to set aside funds for retirement that is in addition to any benefit one may earn from the Institution's retirement plan. The funds are a tax-free reduction of the employee's salary. 

II. Eligibility 

The TDA program is available to only active Regular employees of the Institution who are receiving a salary or
wages. Temporary or Casual employees are not eligible. An employee receiving LTD income or Workers Compensation may not contribute until s/he returns to the active payroll. 

III. Participation 

A. Contributions are 100% employee-paid by salary reduction. The reduction amount can be either a percentage of salary or a whole dollar amount. Lump-sum contributions are not permitted. 

B. In general, 2007 plan year contributions can not exceed $15,500. Catch-up Contributions for plan participants age 50 or over (at any time during the plan year) may contribute an Additional Amount of $5,500 as "Age 50 Catch-up".

C. Enrollment or changes in participation are made by executing the appropriate agreement(s) with a vendor and an Agreement for Salary Reduction 403(b) with the Institution. Any enrollment or changes in participation with the vendor must be sent to the employee's Benefits Specialist before submission to the vendor. 

D. Under current law, the salary reduction is tax-deferred for federal income tax purposes. State income tax laws vary; under Massachusetts law, the contribution amount is tax-deferred. 

E. A participant who is on extended unpaid leave of absence, or receiving disability income benefits from LTD or Workers Compensation, must have their contributions suspended until s/he returns to active employment status. 

A. Vendors servicing eligible Institution employees are: Fidelity Investments, TIAA-CREF, and The Vanguard Group. A prospectus or enrollment information may be obtained either from the Human Resources office or directly from the vendor. To obtain additional information, contact any vendor by either calling or accessing their Web site as shown below: 

B. A participant may contribute either to one or any combination of these vendors in whole percentages of her/his salary reduction amount. 

C. A variety of investment vehicles is available. Each participant should carefully review the prospectus and her/his investment strategy before deciding how to invest. An investment counselor may be contacted at any of the above phone numbers.