The Archdiocese of Portland in Oregon sponsors the Tax-Sheltered Annuity (TSA) Plan, a retirement savings plan. Together with your personal savings/investments, Social Security, and any other retirement benefits, this can help you reach your retirement planning objectives.

The TSA Plan allows you to:

• Receive employer contributions, based on a percentage of pay, even if you don’t contribute
• Start contributing to the plan any time you are eligible
• Choose between two types of employee contributions (or you may choose both) through automatic payroll deductions:
  • Before-tax contributions: You pay no income tax on your savings until you withdraw money from the plan
  • After-tax Roth contributions: You pay no additional income tax on your savings even when you withdraw the money, if the distributions are qualified, i.e., meet Internal Revenue Code requirements that allow you to receive this tax benefit
• Select from a variety of investment options
• Own your entire account balance at all times, although there are some restrictions on when you can take the money out of the account
• Change your contribution amount as well as how or where you invest
• Take out a loan from your TSA account balance
• Choose from various payment options (depending on your investment vendor) when you receive your benefits

Setting Up a TSA Account

You are responsible for contacting one of the approved vendors (see Tax-Sheltered Annuity Plan Guide for details) and completing the vendor’s application form to establish your account. You will also need to notify your employer by completing a TSA Election form and returning it to your local Business Manager or Administrator.

Employer Contributions

If You Don’t Enroll

The Archdiocese has an obligation to ensure that all eligible employees receive employer contributions based on plan provisions. Therefore, you cannot waive these contributions, nor can your employer pay the contributions directly to you or to a non-approved vendor, IRA account, etc.

If you are eligible for an employer contribution and do not establish an account with an approved vendor within 60 days of your eligibility date or notice of eligibility, your employer must notify the Archdiocesan Employee Benefits Manager to set up an account for you. Your employer contribution will be invested in an annuity contract or other investment that protects the principal from market fluctuations. You may change vendors or this investment allocation at any time.