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Tax Sheltered Annuity Who Can Establish a Tax Sheltered Annuity? Tax Sheltered Annuity (TSA) Plans, also known as 403(b), are available to the employees of public schools and certain tax-exempt organizations described in Internal Revenue Code section 501(c) (3). Qualified Employers Some hospitals; public schools, colleges, and universities; nonprofit organizations operated exclusively for religious, charitable, educational, scientific, literary, or testing for public safety purposes, or to promote national or international sports competition, or to prevent cruelty to children or animals, are eligible to establish a TSA plan for their employees. Although governmental agencies and municipalities generally are not qualified employers, if the organization is a separate entity operated for the purposes outlined above and is not engaged in activities that are an integral part of state or local government, it may be a qualified employer. The best method for determining whether a particular organization qualifies for a TSA plan is to make an inquiry with the chief administrator or manager of the organization. In order to be eligible to participate in a TSA plan, an individual must be an employee of a qualified employer, as opposed to an independent contractor. An employee is a person who directly or indirectly renders services for the organization and is subject to the will and control of the employer regarding both the assignment of tasks and the method of accomplishing them. New rules put in place in 2009 require special information sharing agreements between the vendor and employer and additional employer oversight of transactions. Guaranteed Safety No matter how market conditions change, you will never lose your initial investment. A fixed annuity has minimum interest guarantees and cannot experience negative growth. Contact your Farm Bureau Insurance agent for more information. Electronic product brochures Monthly E-Newsletters The product information included in the Farm Bureau Insurance of Michigan web site is intended for Michigan residents only, and is neither an offer to sell nor an invitation to purchase any insurance product. |
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