Tax Sheltered Retirement Plans. The District shall continue its voluntary salary reduction agreement program under which employees may contribute to tax sheltered retirement plans under Internal Revenue Code Section 403(b). In addition, by March 1, 2003, the District shall establish a tax sheltered retirement plan under Internal Revenue Code Section 457. The process for selecting a third-party administrator for the plan shall include the issuance of a formal request for proposals by the District, review of the responses by a task group consisting of representatives of the District and the Exclusive Representatives, and selection of an administrator based on the recommendation of the task group.
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