As published in Almanac February 10, 1998 (For Comment) and March 17, 1998 (Approval of Recommendations: Benefits Redesign II), the eligibility requirements for participation in the Tax-Deferred Annuity (TDA) Plan have been changed in order for the Plan to pass the Internal Revenue Service's nondiscrimination test.
Effective July 1, 1998, faculty and staff must be at least age 21 and will have to complete at least one year of service at Penn to be eligible to participate in the TDA Plan. The new requirements will affect only faculty and staff hired with a starting date of July 1, 1998 or later. New hires prior to July 1, 1998 will not be affected by this change.
Almanac, Vol. 44, No. 34, May 19/26, 1998