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The Annuity Supplement (TAS)

The Annuity Supplement (TAS) is an employee-funded plan that allows you to save for your own retirement. We all know we need to save. Social Security benefits and the contributions your employer makes to your retirement may not be enough to maintain your standard of living in retirement. Even small TAS contributions made over time could significantly increase your retirement income.

TAS highlights

  • Makes saving easy. You contribute on a pre-tax basis through easy payroll deduction.
  • Pre-tax saving defers federal income taxes on your contributions until you begin receiving benefits in retirement.
  • After-tax contributions are allowed.
  • Contributions are excluded from Social Security/Medicare taxes for ordained ministers.
  • Can build resources to help you move or purchase housing in retirement.
  • If you are ordained, you may receive income as tax-exempt housing.
  • May make a loan or withdrawal available to you before retirement.
  • Accepts rollovers from IRAs or previous employer’s qualified plans.

You decide how much you want to contribute to TAS up to Internal Revenue Service (IRS) limits. You may contribute:

  • A percentage of your pay each month; or
  • A set dollar amount each month.

The minimum contribution is $10 a month. The maximum you can contribute is subject to annual limits, including a limit on your pre-tax contributions to TAS and other tax deferral plans. MMBB will calculate the maximum annual contribution for you each year.

You can choose to invest 100% of your contributions in one or more of MMBB’s investment funds. If no fund(s) choice is made, all contributions will be invested in the Balanced Fund, the most highly diversified fund of the options. Loans and withdrawals from TAS accounts may be available before retirement to eligible members.