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Northwest Missouri State University

Tax-sheltered Annuities

Northwest gives you the opportunity to participate in Tax-Sheltered Annuity
403(b) plans and a deferred compensation 457(b) plan. These plans allow benefit eligible employees to have monies withheld from their pay on a pre-tax basis and set aside for retirement.

The contributions made are 100% employee contributions and are a supplement to the MOSERS or CURP retirement benefit.

Interested employees should contact an approved provider from the list below and complete the Tax Sheltered Annuity Salary Reduction form (obtain from the Human Resources or Payroll office) to begin or change their current contributions.

Approved Vendor List


Phone: (800) MET-LIFE
Product: annuity/mutual funds
New York Life Insurance Company
Phone: (800) 598-2019
Product: annuity/mutual fund
Phone: (800) 842-2776
Product: annuity/mutual fund
ING (CitiStreet)
Phone: (800) 392-0925 option 3
Product: 457(b)

Frequently Asked Questions...

What is a 403(b) plan?

A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers.

How does a 403(b) plan work?

The program is considered an employer sponsored plan. Eligible employees are given the opportunity to participate in the plan and contributions on their behalf are made to one of three types of accounts:

Elective deferrals are contributions made under a salary reduction agreement. This agreement allows the employer to withhold money from the employee's paycheck to be contributed directly into a 403(b) account for their benefit. Employees do not pay tax on these contributions until they withdraw them from the account.

How much can I contribute to my 403(b) plan?

There are limits to the maximum amount that can be contributed to a 403(b) account. Under the general limit on elective deferrals, the most that can be contributed to a 403(b) account through a salary reduction agreement for 2009 is $15,500.

What is a 457(b) plan?

Plans of deferred compensation described in IRC section 457(b) are available for certain state and local governments and non-governmental entities tax exempt under IRC 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).

What are pre-tax contributions?

A pre-tax contribution is money that is deducted from an employee's pay prior to federal or state income taxes deductions. This lowers the employee's taxable income for the year, thus reducing income tax liability. Due to these tax advantages, the IRS restricts when the employee can withdrawal such contributions until meeting a distributable event.