91¶ÌÊÓƵ Health Care Authority
457(b) Deferred Compensation-Matching Retirement Plan/401(a) Combination Plan
The 91¶ÌÊÓƵ Health Care Authority provides a deferred compensation plan which enables employees to use pre-tax income to contribute to their retirement. Participation is voluntary. The plan currently matches employee contributions dollar for dollar up to 5% of salary. These plans allow eligible employees to invest in fixed and variable annuities and mutual funds in tax-deferred accounts. The employer matched funds are invested in the 401(a) Combination Plan.
Eligible employees will be fully vested in the employer matching contributions when completing 3 years of service. A year of service for vesting purposes, as a vesting computation period (Plan Year), is when an employee completes 1,000 hours of service (the 3 years of service need not be consecutive).
Employees may reduce their state and federal taxable income by contributing up to $23,000 ($30,500 if over age 50) annually.
TIAA Retirement |
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TIAA Individual Advice Sessions (PDF) |
Website: https://www.tiaa.org/public/tcm/usahca/home |
Phone: (800) 842-2776 |
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances. Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations. ©2023 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017
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