Common use of Tax Sheltered Clause in Contracts

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 - 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 approVed for tax-free status by the Internal Revenue Service ReVenue SerVice Social Security Administration.