Annuity Collective Trust
of New Jersey (SACT) Tax-Sheltered
(Pretax) Plan Eligibility
Annuity Collective Trust (SACT) Member Handbook
If you are an actively contributing
member of one of the following state-administered retirement systems,
and employed by a public educational institution, you
are eligible to participate in SACT Tax-Sheltered Account (SACT-TSA).
These systems will be referred to
as the 'basic retirement systems' throughout this guide:
- Teachers' Pension and Annuity
- Public Employees' Retirement
- Police and Firemen's Retirement
Elected officials are ineligible.
The SACT-Tax-Sheltered Plan allows
contributions in whole percentages beginning at one percent of
your compensation (base salary minus pension contribution). The
maximum contribution allowable is the prevailing IRS maximum for
all 403(b) plans ($16,500 in 2010). Your contributions are excluded
from your income for federal income tax purposes.
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