To reach your retirement goals probably requires that you contribute some of your own earnings in addition to contributions made by your organization. Through The Annuity Supplement (TAS) , you decide how much you want to contribute to your plan. Your employer automatically deducts the amount you have chosen from your pay.
Pre-Tax Contributions are permitted through a salary reduction arrangement. This salary reduction is subject to IRS established limitations. You may elect a monthly premium payment. The minimum amount is $10 per month.
You do not pay federal income tax (and, in most cases, state and local income tax) on your contributions and their earnings until you take a withdrawal or a distribution from the plan.
In other words, saving pre-tax dollars reduces the amount of income tax you pay. That is because your contributions are deducted from your gross pay before taxes are withheld, reducing your taxable income each pay period.
After-Tax Contributions are permitted through a salary reduction arrangement.
You may elect a monthly premium payment. The minimum amount is $10 per month.
Salary reduction (pre-tax) contributions are deducted from your gross pay before income taxes are withheld. As a result, your taxable income is less and you will pay less in current federal income taxes. FICA taxes must be withheld from your pre-tax plan contributions. However, clergy do not pay SECA taxes on salary reduction contributions. In contrast, after-tax contributions are calculated and deposited into the plan after federal, social security, state and local taxes are deducted from your pay.
Rollover contributions into TAS are permitted at any time from active, inactive and retired members. All After-Tax Rollover Contributions are also deposited in to The Annuity Supplement (TAS) Plan. You may roll over any amount up to the full taxable portion of your eligible rollover distribution. You may not roll over any shares of stock.
For more on rollovers, go to the Rollovers section of these Plan Guidelines.
Your employer does not contribute to The Annuity Supplement Plan (TAS). TAS contributions are member.
To check your current contribution, please contact a Senior Benefits Specialist.
You can change your salary deduction as you wish by completing a Salary Reduction Agreement (Form A-13a). Any future salary deduction changes require a new Salary Reduction Agreement. A deduction change applies until the next change unless the amount exceeds the maximum limit allowed by the IRS. You can request a Salary Reduction Agreement by contacting Senior Benefits Specialist. The form will be sent to your mailing address on file. Return the Salary Reduction Agreement to the address on the form.
The new rate will be effective the month following the completion of the Salary Reduction Agreement.
If you wish to stop contributing to the Plan, you must notify your employer to stop withholding the money from your paycheck and submit a new Salary Reduction Agreement to MMBB.