TAX-SHELTERED ANNUITY DEDUCTION. An employee may authorize the Board to make payroll deductions for the purpose of tax- sheltered annuity payment pursuant to terms and conditions of the group contract of the tax- sheltered annuity carrier.
TAX-SHELTERED ANNUITY DEDUCTION. A. The board of Education shall provide payroll deduction for a tax sheltered annuity plan.
TAX-SHELTERED ANNUITY DEDUCTION. The Board of Education shall provide payroll deduction for the tax-sheltered annuity plan.
TAX-SHELTERED ANNUITY DEDUCTION. The Board agrees to deduct premiums for variable tax deferred annuities solely paid for by the employee and to remit such premiums to the designated insurance company. The Board will determine the companies available for this option.
TAX-SHELTERED ANNUITY DEDUCTION. The Board shall provide payroll deduction to a tax sheltered annuity plan for any employee that chooses this option. This option shall be subject to the procedures of the Treasurer of the Board concerning tax-sheltered annuities.
TAX-SHELTERED ANNUITY DEDUCTION. Payroll deductions for TSA’s shall be allowed. The Board agrees to recognize those presently being utilized. In accordance with IRS regulations, a valid salary reduction agreement under a Section 403(b) annuity program must be legally binding, apply only to compensation earned by the employee while the agreement is in effect, and be irrevocable with respect to compensation earned while the agreement is in effect. TSA changes will take place according to the “Payroll Cutoff and Pay Day Schedule” supplied yearly by the school finance director. If the board chooses to use a Third Party Administrator (TPA) to administer the TSA, the Board will cover all administrative costs associated with the TPA.
