Tax Sheltered. Annuities
Tax Sheltered. ANNUITIES - A teacher has the opportunity of entering into an amendment to his existing contract reflecting a reduction of salary for the contract term to purchase a tax-sheltered annuity. Such amendment request shall be at no cost to the Board. The Board has the option to limit the maximum number of companies allowed to be utilized through payroll deduction. Each teacher that desires payroll deduction for a tax-sheltered annuity must present a written statement from himself/herself and from the organization approved for tax-free status by the Internal Revenue Service Social Security Administration.
Tax Sheltered. Annuities--The Board shall approve salary deductions for any qualified firm sponsoring tax sheltered annuities providing they have an enrollment of at least four Board contract employees.
Tax Sheltered. Annuities Employees may participate in tax sheltered annuity programs as directed by state statute.
Tax Sheltered. Annuities Unit members may participate in the tax sheltered annuity of their choice in accordance with the terms and conditions of the District’s plan which has been qualified under the provisions of the Internal Revenue Code.
Tax Sheltered. Annuities 13 Members of the bargaining unit may participate in any tax sheltered annuity 14 program approved by the Board, with payroll deductions for this purpose.
Tax Sheltered. ANNUITIES (TSA)
1. Any bargaining unit member shall be allowed to participate in a tax sheltered annuity plan, as provided for by the Internal Revenue Code, upon written notice from the employee. The District shall provide the necessary procedures for payroll withholding to the employee.
Tax Sheltered. Annuities - The Board shall continue to allow members to deduct for tax-sheltered annuities. The enrollment periods for said annuities shall be limited to September 1 through September 30 and January 1 through January 31
Tax Sheltered. Annuities The District shall make a program available to employees for the purchase of tax sheltered annuities. Upon receipt of an employee’s properly executed application to participate in such a program, the District shall purchase such annuities and deduct the cost of purchasing them from such employee’s salary within the time limits prescribed by the District.
Tax Sheltered. Annuities (IRC Section 403(b) plans)
1. Employees may choose from the Board approved list of tax-sheltered annuity programs.
2. Before a plan is added, there must be at least 10 participants for that plan.
3. It will be understood by the employees that no person, including the Association Custodian, the Board, or its members, will be liable for any loss or for any breach of fiduciary duty which results from the employee’s choice of a particular plan and/or the employee’s exercise of control over the investments selected.
4. Money withheld for TSA funds will be deposited twice a month.
