Tax Sheltered Annuities. The SPS shall continue to comply with the law(s) regarding Tax Sheltered Annuities.
Tax Sheltered Annuities. Faculty members may participate in tax sheltered annuity plans from the District’s approved list of vendors. The District will provide payroll deduction for this purpose.
Tax Sheltered Annuities. The College will deduct from the compensation of any Employee and remit to a designated investment organization the amount authorized by an Employee for investment in a qualified tax sheltered annuity plan, if:
a. The Employee has filed a written authorization with the College Business Office to make the deduction, and,
b. The Employee has filed the written contract between the Employee and the investment organization, on forms provided by the College.
Tax Sheltered Annuities. The Employer shall continue to provide for the purchase of tax-sheltered annuities by unit members pursuant to the provisions of General Laws, Chapter 15, Section 18A, or Chapter 15A.
Tax Sheltered Annuities. When requested by the employee, payroll deductions for tax sheltered annuities participation and/or deferred compensation will be provided by the Board. The handling of said deductions will be at no cost to the employee.
Tax Sheltered Annuities. A. The BOARD agrees to make tax sheltered annuities available to teacher.
B. The teacher's choice of carrier or company will be honored by the BOARD. This unlimited choice of companies’ language will be reviewed annually during the month of November.
C. Each employee who participates in the tax sheltered annuity program and each participating service provider must complete the standardized forms and adhere to all such provisions therein. Written authorization for deductions or changes in the amount to be deducted shall be submitted to the Payroll Department on the required forms. The Payroll Department shall transfer the authorized funds to the appropriate company in a timely fashion. Payroll deductions shall continue until written notice is submitted to the Payroll Department on the standardized form indicating a termination of such deductions.
D. Lists of staff names, addresses and phone numbers shall not be provided to insurance agents by the District except as what may be required by law.
Tax Sheltered Annuities. At the teacher’s request, payroll deductions shall be made for tax sheltered annuities. The process by which annuity providers are to become qualified, the window periods for teacher enrollment, and other provisions related to the process are contained in ARTICLE III.D.
Tax Sheltered Annuities. Employees may participate in the tax sheltered annuity of their choice with the District providing payroll deduction for this purpose.
Tax Sheltered Annuities. The District shall permit payroll deductions for tax sheltered annuity programs that have been endorsed by the District. However, the District shall not discontinue any existing tax sheltered annuity programs without the consent of the Association. Licensed agents may not contact staff members during working hours. An employee, but not a group of employees, may meet with an agent on school premises outside the employee’s workday.
Tax Sheltered Annuities. The Employer agrees that, pursuant to Internal Revenue Code (IRC) Section 403 (b), and subject to the restrictions and limitations outlined below, a member may enter into a salary reduction agreement pursuant to which the member will agree to have a reduction in the member’s salary and the Employer will forward the amount equal to the reduction in the member’s salary to an annuity contract or custodial account that is qualified under IRC Section 403 (b) (a “tax sheltered annuity” or “TSA”). The following restrictions and limitations apply with respect to such matters:
a. The Employer may restrict the timing of the member’s salary reduction elections to comply with the requirements of federal tax laws. Each member must enter into a written salary reduction agreement which is provided by the Employer.
b. Members are responsible for limiting the amount of their contributions to the maximum amount that, under the federal tax laws, may be tax-deferred in any year. The Employer may, but is not required to, restrict or limit contributions on behalf of the members to the extent that it believes that the total contributions for a member will exceed the maximum tax-deferral limits in effect for any year.
c. In accordance with ORC Section 9.91, the Employer may require all tax sheltered annuity providers or brokers to execute a reasonable hold harmless agreement protecting the Employer from liability. The Employer will make reports to the Internal Revenue Service (e.g., Form W-2’s) and withhold federal, state school district and local income taxes and employment taxes as it believes it is required to do by law.
