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Contribution
Guidelines
How You May Contribute
Employer Contribution –
allows employers to contribute to your TSA over
and above your salary.
Salary Reduction – allows
you to contribute a certain amount of your
salary towards your TSA. This reduces your
taxable income by the amount of your
contribution, saving you current tax dollars.
The idea is that, since you are not actually
receiving a portion of your salary now, you are
also not taxed on it now. (Non-ordained
employees do pay social security taxes on their
salary reduction contributions.)
Non-deductible Employee
Contribution – allows you to contribute
after-tax dollars directly to your account.
How Much To Contribute
Employer contribution –
When combined with the Salary Reduction
contributions, the maximum contribution is the
lesser of 100% of compensation (excluding
housing allowance) or $46,000 (2008). It is the
responsibility of the participant and their
employer to ensure that contribution limits are
not exceeded.
Salary Reduction contributions
– cannot exceed $15,500 in 2008. When combined
with employer-funded contributions, the maximum
contribution is the lesser of 100% of
compensation (excluding housing allowance).
Participants who have attained age 50 may
contribute an additional $5,000 (2008) above the
normal limitation. It is the responsibility of
the participant and their employer to ensure
that contribution limits are not exceeded.
Nondeductible employee
contributions – has no specific limit, but,
when combined with other contributions, cannot
exceed maximum allowable contributions.
How To Make Contributions
Enrollment – Before
contributions can be submitted for an employee,
they must enroll into the PCA Retirement Plan.
Please do not send any contributions without
first completing an enrollment application form
and submitting that to the RBI office. When
enrolled, a confirmation will be mailed and
participants may begin submitting contributions.
Remittance Form – Very
Important! Please submit a remittance form with
every contribution to avoid processing delays.
Enclose Check – Make each
check payable to the ‘PCA Retirement Plan’ and
ensure the check totals match the remittance
form totals to avoid processing delays.
Mail Check and Remittance Form
– The treasurer or administrator should mail
your contribution check and remittance form to:
PCA Retirement Plan
c/o Omega Recordkeeping Group, LLC
4360 Northlake Blvd, Suite 203
Palm Beach Gardens, FL 33410
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